TMI Blog2019 (4) TMI 1924X X X X Extracts X X X X X X X X Extracts X X X X ..... he requirement of S. 12A of the Code with regard to approval of ninety percent voting by the CoC can be dispensed with. Moreover, on 26.02.2019, the Petitioner was also present made a request for withdrawal of the petition on receiving the settled amount. Further, in this situation, when the Petitioner the Corporate Debtor both have expressed to withdraw the petition on account of settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 794/-, which includes the principle and interest amount via Demand Draft dated 12.02.2019, No. 028538, issued on Kotak Mahindra Bank. Also, a Cheque dated 02.03.2019 bearing No. 778226 drawn on IDBI Bank for a sum of ₹ 38,019/- has been paid to Mr. Ajay Kumar, the Insolvency Resolution Professional (IRP) towards Tax Invoice No. 2018-19/3A dated 21.02.2019, and a Cheque dated 02.03.2019 beari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant portion of the said judgement has been reproduced below: It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9, the proceeding that is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is to oversee the resolution process must be co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner was also present made a request for withdrawal of the petition on receiving the settled amount. Further, in this situation, when the Petitioner the Corporate Debtor both have expressed to withdraw the petition on account of settlement of debt. Hence, under the circumstances, the petition does not survive, especially when the IRP has also been paid his dues. 5. Hence, in view of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
