Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 160 - Tri - Insolvency and BankruptcyPermission for withdrawal of Company Petition - Section 12A of I&B Code, 2016, Read with Regulation 30A and Rule 11 of NCLT Rules - HELD THAT:- IRP has stated that he has enclosed the copy of receipt issued by the operational creditor and copies of DD's acknowledged by operational creditor and copy of MoU including Form FA. Thus the procedure prescribed under Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons), 2016, has been followed. This Adjudicating Authority has power under Section 12A, Read with Regulation 30A, of IBBI (Insolvency Resolution Process for Corporate Persons) 2016, to permit for withdrawal of the application even after admission of the Petition. By exercising the power u/s 12A of I&B Code, the application filed by IRP is allowed and the CIRP filed against corporate debtor and moratorium order issued thereunder stands withdrawn and the corporate debtor is allowed to function independently through its Board of Directors with immediate effect. Application allowed.
|