9911796707
TMI Blog2021 (5) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 28.06.2019. 2. This Application has been filed under Section 12(A) of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016) r/w Regulation 30(A) of the (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as framed by the IBBI seeking for the following reliefs:- a. That this Hon'ble Adjudicating Authority may be pleased to pass necessary orders to withdraw the CIRP initiated against the Corporate Debtor M/s. Thay Lift and Shift Private Limited as per the Section 12(A) of the Code, and under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and/or b. That this Hon'ble Adjudicating Authority may pleased to pass an order a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016, the sole Operational Creditor with 100% voting rights constituted the CoC. In the 1st CoC meeting, it is averred that instead of appointing a Resolution Professional, the CoC wanted to withdraw this Application and in this connection intimated the IRP the decision of the CoC seeking for withdrawal to be filed before the Adjudicating Authority viz., this Tribunal on 07.08.2019. 6. Further the IRP had also received an Application seeking for withdrawal in Form 'FA' in accordance with Regulation 30(A) from the sole member of CoC, who happened to be the Operational Creditor which had in the first place triggered the CIRP of the Corporate Debtor. During the course of submissions, Learned Counsel for the Applicant pointed out the Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its approval seeking withdrawal of the CIRP initiated by this Tribunal, based on the Application filed by the Operational Creditor/1st Respondent in Form 'FA' and also considering the Provisions of Section 12(A) and Regulations 30(A) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as well this Application in relation to seeking for withdrawal of the CIRP is allowed. 10. In the circumstances, let the reins of the Corporate Debtor with the IRP be handed over to the Board of Directors, whose powers stood suspended by virtue of initiation of the CIRP as against the Corporate Debtor. Further any assets collected or any records collated by the IRP during the process of CIRP shall also be duly handed over t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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