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2017 (11) TMI 1578 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Held that:- After the petition is admitted, it cannot be permitted to be withdrawn. Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 says that the Adjudicating Authority may permit withdrawal of the application under Rules 4, 6 & 7 of the Rules, as the case may be on a request made by the applicant before its admission. So, there is no scope of accepting the submission made on behalf of the respondent/Corporate Debtor In any case, it was observed in the order dated 05.07.2017 admitting the petition that copy of the petition along with the entire Paper Book was received by the Corporate Debtor on 30.05.2017. The petition was filed after service of demand notice. However, no caveat was filed by the respondent. The matter was listed today only for passing formal order of appointment of Interim Resolution Professional, The Interim Resolution Professional has already furnished his written communication in Form No. 2 along with the petition as already observed in the order of admission dated 05.07.2017. As per sub-section (1) of Section 16 of the Code, the Adjudicating Authority has to appoint Interim Resolution Professional within 14 days from the date of insolvency commencement date and the date of commencement is the date of admission as per Section 9 of the Code.
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