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TMI Blog2019 (9) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... A of Insolvency and Bankruptcy Board of India Regulations, 2016 herein referred as code seeking permission for withdrawal of the company petition CP(IB) NO. 315/7/HDB/2018 filed under section 7 of the code. 2. The averments in the application in brief that this Adjudicating Authority by order dated 19.02.2019 admitted the Application in CP (IB) No. 315/7/HDB/2017, filed by Financial Creditor M/s. Gowra Petrochem Private Limited, under section 7 of the Code R/W Rule 4 of the IB(AAA) Rules,2016. 3. The Applicant/Interim Resolution Professional avers that she was appointed as Interim Resolution Professional for the Corporate Debtor as per orders of the Adjudicating Authority. 4. It is averred that in pursuance to Section 21 of I&B Code, IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions attached to it except the deviation of Bank Guarantee towards estimated cost incurred for purposes of Clauses (c) and (d) of regulation 31 of CIRP Regulations. It is further averred that along with FORM FA Financial Creditor paid the CIRP expenses of Rs. 80,207/- towards part payment. 8. It is further averred that IRP called for meeting seeking the view of members on withdrawal application under Section 12A of I&B Code, as submitted by Gowra Petrochem Private Limited/Financial Creditor. It is averred that financial Creditor submitted the application in Form FA for withdrawal of CIRP (Corporate Insolvency Resolution Process) initiated against corporate debtor. It was filed under section 12A of the I&B Code, R/W Regulation 30 A of I&B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted under section 7 or section 9 or section 10 on an application filed by the applicant with the approval of 90% voting share of the Committee of Creditors. Thus it is clear if 90% voting share of Committee of Creditors approves application for withdrawal then Adjudicating Authority to allow for withdrawing the application filed under section 7 or section 9 or section 10 of the Code. 14. The regulations 30A of I&B ( Corporate Insolvency Resolution Process), 2016, deals with Withdrawal of application. It reads as follows: a. An application for withdrawal under section 12A shall be submitted to the Interim resolution professional or the Resolution Professional, as the case maybe, in Form FA of the Schedule before issue of invitation f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors to approve with 90% of voting share. If approved the IRP shall submit the application to the Adjudicating Authority on behalf of applicant and Adjudicating Authority may approve the same by order. 17. It is the case of applicant/IRP that 100% voting share of Committee of Creditors approved the withdrawal application. The minutes of the meeting of Committee of Creditors dated 08.05.2019 is shown as Annexure VII. 18. I have seen the minutes of the Committee of Creditors meeting held on 08.05.2019. The members of Committee of Creditors having 100 % voting share, unanimously approved the application for withdrawal filed by the applicant/ Financial Creditor. 19. No doubt the present application for withdrawl is filed after publication o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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