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TMI Blog2019 (3) TMI 1591X X X X Extracts X X X X X X X X Extracts X X X X ..... he withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per cent voting share of the committee of creditors, in such manner as may be prescribed". On perusal of the above provision, it is clear that petition under Section 7, 9 or 10 may be withdrawn given the provision of Section 12A provided in the manner specified. CIRP Regulation 30A provides how the withdrawal application can be filed. Regulation 30A is given below for ready reference: "(1) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,shall ensure that the application is accompanied by the Bank Guarantee towards estimated cost incurred for pupposes of Clause (c) and (d) of the Regulation 31 till the date of application. This application has been directly moved by the Financial Creditor/Petitioner. Therefore, RP has not given any certificate whether CIRP costs has been provided in accordance with Regulation 30A(2) or whether he has received the Bank Guarantee relating to the CIRP costs. This application has been directly submitted by the Financial Creditor by the decision of the CoC. It is pertinent to mention that CP 490/2017, i.e. Andhra Bank vs Sterling Biotech Ltd was admitted by order of this Tribunal dated 11.6.2018. The RP has filed the status report dated 8.3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffer letter." It is further stated in the progress report that "on 27.2.2019, the Petitioner in the captioned Company Petition VIZ. Andhra Bank submitted an Application under Form FA as prescribed under Regulation 30A (1 ) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations. 2016 ("CIRP Regulations") for the withdrawal of the CIRP of the Corporate Debtor. At the 13th meeting of the CoC held on 27.2.2019, the Resolution Professional informed the CoC about the receipt of a Form FA for withdrawal of CIRP of the Corporate Debtor from Andhra Bank and the same was discussed by the members of the CoC. Under discussion, the members of the COC authorised the Resolution Professional to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution plan submitted by ACG had failed, as directed by the CoC, the Resolution Professional put a resolution for the liquidation of the Corporate Debtor to vote. The resolution authorising the Resolution Professional to file a liquidation application before this Tribunal was put to the vote. The said resolution for liquidation was rejected by 85.58% of the members of the CoC. Given the rejection of the resolution above for liquidation by the CoC, the Resolution Professional asked the CoC for directions on the way forward about the CIRP of the Corporate Debtor at the 14th CoC meeting. Under the discussions in the CoC, Andhra Bank submitted a fresh Form FA dated 5.3.2019 for withdrawal of the CIRP of the Corporate Debtor under Regulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofessional put a fresh resolution for withdrawal of CIRP under section 12A to vote on 5.3.2019. The said fresh resolution for withdrawal of CIRP had received 90.32% affirmative votes. A copy of the voting results for the fresh resolution for withdrawal of the CIRP of the Corporate Debtor is annexed with the application as Exhibit J. It is pertinent to mention that after getting the application under Section12A of the Code, when Resolution professional asked the CoC to provide him with the details of OTS offer, sources of funds, the timeframe for payments to each lender, compliance with RBI norms and whether the interest of all stakeholders / CoC members have been provided for under the OTS offer, then Andhra Bank informed the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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