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2022 (5) TMI 257 - AT - Insolvency and BankruptcySeeking permission for withdrawal of petition - Section 12A of IBC - HELD THAT:- The Admission of the Application under Section 9 of the I&B Code, 2016 was passed only on 22nd December, 2021 and the Application under Rule 11 by the Operational Creditor to withdraw the Application was filed on 03rd January, 2022 and 04th January, 2022, Adjudicating Authority has passed an order on the Application that status quo regarding the CIRP be maintained. The Application was admitted on 22nd December, 2021 and on 04th January, 2022, the Adjudicating Authority after noticing the Application and submissions of the Learned Counsel for the Operational Creditor has directed the Status Quo, the IRP virtually effectively functioned only for 14 days. In view of the Status Quo order was not to function any further, it is held that the Order of the Adjudicating Authority directing the payment of fee and CIRP cost of Rs. 1,10,000/- in addition to Rs. 75,000/- was quite reasonable and does not warrant any interference. IRP has filed the Appeal only raising issue of fee whereas he had worked only for 14 days and the direction was issued for payment of fee of Rs. 1,10,000/- plus Rs. 75,000/- which is quite reasonable and appropriate - Appeal dismissed.
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