TMI Blog2021 (6) TMI 195X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the applicant with the approval of ninety per cent voting share of the committee of creditors - It is seen from the record that the CoC has by 100% votes approved the withdrawal of the underlying Company Petition. Further, the Applicant has submitted that the entire settlement amount has already been paid. It is also submitted that the CIRP cost has also been paid. There are no impedime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor. 3. The Applicant submits that upon an application filed by Asset Reconstruction Company (India) Limited under section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 27.02.2020 by this Adjudicating Authority. Mr. Kamal Nayan Jain was appointed as the RP of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct was conveyed to the RP. 7. In the tenth CoC meeting held on 02.04.2021 and eleventh CoC meeting held on 08.04.2021 and 09.04.2021 respectively, the agenda to withdraw the underlying Company Petition and file the present application was discussed and approved by the CoC with 100% votes in favour. 8. It is submitted that the proposal received by the members of suspended board of directors w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Petition. 10. We have heard the learned counsel appearing for the Applicant. As per section 12A of the Code, the Adjudicating Authority may allow the withdrawal of application admitted under sections 7, 9 or 10, on an application made by the applicant with the approval of ninety per cent voting share of the committee of creditors. 11. It is seen from the record that the CoC has by 100% v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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