TMI Blog2020 (3) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... ons) 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filed by IRP is allowed and the CIRP filed against corporate debtor and moratorium order issued thereunder stands withdrawn and the corporate debtor is allowed to function independently through its Board of Directors with immediate effect.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. - IA NO. 1089 OF 2019, CP (IB) NO. 419/9/HDB/2019 - - - Dated:- 29-11-2019 - Ratakonda Murali, Judicial Member Nukala Sreedhar, IRP for the Applicant. ORDER 1. The Application is filed by the Interim Resolution Professional under Section 12A of I B Code, 2016, Read with Regulation 30A and Rule 11 of NCLT Rules, seekin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im Resolution Professional that this Tribunal admitted the petition filed under Section 9 of IBC, 2016 on 20.11.2019, for initiation of CIRP, granting moratorium and appointment of IRP. 6. It is the case of the IRP that both parties settled the matter amicably.- Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 read as follows:- (1) An application for withdrawal under section 12A maybe made to the Adjudicating Authority - (a) before the constitution of the committee, by the applicant through the interim resolution professional; (b) after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... val. (6) The Adjudicating Authority may, by order, approve the application submitted under subregulation (3) or (5). (7) Where the application is approved under sub-regulation (6), the applicant shall deposit an amount, towards the actual expenses incurred for the purposes referred to in clause (a) or clause (b) of sub-regulation (2) till the date of approval by the Adjudicating Authority, as determined by the interim resolution professional or resolution professional, as the case maybe, within three days of such approval, in the bank account of the corporate debtor, failing which the bank guarantee received under sub-regulation (2) shall be invoked, without prejudice to any other action permissible against the applicant under the Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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