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TMI Blog2019 (5) TMI 1823X X X X Extracts X X X X X X X X Extracts X X X X ..... ppearing Parties : Piyush Bansal , Advocate For the Respondents : Nilesh Bhardwaj , Advocate and Party-in-Person ORDER Pradeep R. Sethi, Member (T) 1. CP(IB) No. 74/Chd/Hry/2018 was filed by Shri Sandeep Bidani Financial Creditor for initiation of Insolvency Resolution Process against M/s. Praxis Developers India Pvt. Ltd. (Corporate Debtor). Vide order dated 06.07.2018, the petition under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thdrawal of the application under Section 12A of the Code. It is stated that the application was not accompanied by bank guarantee towards estimated costs incurred for the purposes of Clause (c) and Clause (d) of Regulation 31 till the date of application as per the mandatory provisions of the Regulations and that the corporate debtor has undertaken to pay outstanding CIRP expenses through post-da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 12A shall be submitted before issue of invitation for expression of interest under Regulation 30 A. The Hon'ble Supreme Court by its order dated 14.12.2018 in Brilliant Alloys Pvt. Ltd. Vs. Mr. S. Rajagopal & Ors., SLP (Civil) No. 31557/2018 has stated that Regulation 30A (1) is not mandatory but is directory for the simple reason that on the facts of the given case, application for with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the facts and in view of the judgment of the Hon'ble Supreme Court in Brilliant Alloys Pvt. Ltd. Vs. S. Rajagopal and Ors. (supra) the application for the withdrawal under Section 12A is being allowed even after issue of invitation for expression of interest under Regulation 30 A. 6. As regards compliance of Regulation 30A (2) for providing bank guarantee towards estimated costs i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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