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2022 (2) TMI 738 - Tri - Insolvency and BankruptcySeeking withdrawal of petition - settlement arrived at between the Operational Creditor and Corporate Debtor - HELD THAT:- It can be inferred that for withdrawing the application before the constitution of COC, the appropriate course is to apply as per Regulation 30A of CIRP Regulations 2016. Further, the Hon'ble Supreme Court in Arun Kumar Jagtramka case [2021 (3) TMI 611 - SUPREME COURT] has observed the reasons of substitution/amendment in Regulation 30A. Therefore, no reliance can be placed on the order of NCLT Ahmedabad, as placed by the applicants, to demonstrate that there is an impediment in approaching the competent authority for withdrawal under Regulation 30A of CIRP Regulations 2016 - further, the applicants have not placed any decision of Hon'ble Supreme Court or Hon'ble High Court, which had repealed Regulation 30A of CIRP Regulations or any of its part, therefore, there is no ground for the Applicants for not adopting the procedure prescribed under Regulation 30A of CIRP Regulations 2016. Since there is a specific provision and procedure prescribed for withdrawal of an application admitted under section 7, 9 and 10 of IBC, before as well as after the constitution of CoC, in terms of Regulation 30A of CIRP Regulations 2016, which has been taken note of by the Hon'ble Supreme Court in the matter of Arun Kumar Jagtramka Vs Jindal Steel and Power Ltd. & Anr. and the Hon'ble NCLAT has also held recently in the matter of Mr. Harish Raghavji Patel Vs. Shapoorji Pallonji Finance Pvt. Ltd. and Anr. [2021 (10) TMI 340 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] that the inherent power cannot be invoked to by-pass the procedure prescribed under the law, we are of the considered view that Rule 11 of NCLT Rules, 2016 shall not be invoked to in the instant case for withdrawal of CP (IB)-3013 (ND) 2019. The Application is accordingly dismissed.
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