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2019 (4) TMI 35 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAIApplication for withdrawal under section 12A of the Insolvency and Bankruptcy Code, 2016 - seeking appropriate directions to the directors of the corporate debtor to defray the expenses of CIRP process and consequently remove the corporate debtor from the clutches of the IBC - HELD THAT:- Since regulation 30A envisages that an application for withdrawal under section 12A shall be submitted to the interim resolution professional or the resolution professional as the case may be in Form FA of the schedule before issue of invitation for expression of interest under regulation 36A and when such conditional clause has been mentioned in the regulation regarding section 12A, this Bench cannot pass an order under section 60(5) of the Code ignoring the conditional clause in regulation 30A of the IRPCP Regulations to submit application under section 12A of the Code before issue of invitation for expression of interest. Application dismissed as misconceived.
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