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2019 (12) TMI 129

..... ity may allow the withdrawal of application 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. Present application is filed by RP before this Tribunal for approval of the withdrawal of application. It is clear that Regulation 30A of IBC (Corporate Insolvency Resolution Process) regulation 2016, are complied - By virtue of provisions of sec 12A, Tribunal is empowered to approve the application for withdrawa .....

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..... averred that M/s. Asian Developers PTE Ltd, one of the promoter of the corporate debtor had made a proposal for settlement of dues to Axis Bank Ltd, Financial Creditor, dated 28.08.2019, which was accepted by the Financial Creditor vide its sanction letter dated 30.08.2019 bearing No. AXIS/SA/SA/2019-20/296. d. It is further averred that in-lieu of bank guarantee required under regulation 30A of the CIRP Regulations, Financial Creditor in his application under Form FA has undertaken to pay Insolvency Resolution Process Cost of ₹ 17,12,954/- (Rupees Seventeen Lakh Twelve Thousand Nine Hundred and Fifty Four Only) incurred by the RP till 31.08.2019, and the M/s. Asian Developers PTE Ltd, has undertaken to reimburse/born/fund or make nec .....

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..... nner as maybe prescribed". 4. It is clear from section 12A of the Code that the Adjudicating Authority may allow the withdrawal of application 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. 5. The regulation 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 12 A shall be submitte .....

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..... l. The Committee of Creditors to approve with 90% of voting share. If approved the RP shall submit the application to the Adjudicating Authority on behalf of applicant and Adjudicating Authority may approve the same by order. 8. It is the case of applicant/RP that 100% voting share of Committee of Creditors approved the withdrawal of application. The minutes of the meeting of Committee of Creditors dated 12.09.2019, is annexed to the application at Annexure VI &VII. 9. We have seen the minutes of the Committee of Creditors meeting held on 12.09.2019. The members of Committee of Creditors having 100 % voting share, unanimously approved the application for withdrawal filed by the applicant. The CoC with 100% voting share have approved the .....

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