Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home

2019 (12) TMI 129

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e 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 withdrawal. The application filed by RP is to be allowed and moratorium order passed under section 14 shall cease to exist. - IA NO. 836 OF 2019, CP (IB) NO. 563/7/(HYD.) OF 2018 - Dated:- 4-10-2019 - Ratakonda Murali, Judicial Member And Narender Kumar Bhola, Technical Member V.V.S.N. Raju, A.B.N. Raju, Praveen Kumar Jain, Pavan Kumar Rao, Ms. A. Sravanthi and Udayaj Patwardhan for the Appearing Parties. ORDER 1. This application is .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 necessary arrangement for funding of shortfall of all the costs classified as Insolvency Resolution Process Cost (as on 31.08.2019, unpaid to ₹ 1,44,09,004/-) which has been incurred/to be incurred by the RP towards maintaining the operations of the Corporate Debtor as going concern. e. It is stated that in the 3rd CoC meeting dated 12.09.2019, financial creditor has considered the OTS proposal for withdrawal unde .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cating 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 submitted to the Interim resolution professional or the Resolution Professional, as the case maybe, in Form FA of the Schedule before issue of invitation for expression of Interest under regulation 36A. b. The application in sub-regulation (1) shall be accompanied by a bank guarantee towards estimated cost incurred for purposes of clauses (c) and (d) of regulation 31 till the date of application. c. The committee shall consi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 application for withdrawal. Therefore permission can be granted under Section 12 A of the I&B Code to the Applicant for withdrawal of Company petition. 10. 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. 11. By virtue of provisions of sec 12A, Trib .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map ||