TMI Blog2019 (2) TMI 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... eration before the Hon'ble Supreme Court in BRILLIANT ALLOYS PRIVATE LIMITED VERSUS MR. S. RAJAGOPAL ORS. [2019 (3) TMI 1016 - SC ORDER] it is clear that Regulation 30A cannot override the substantive provision of Section 12A. The Regulation has to be read alongwith the provision in Section 12A, which contains no such stipulation. No discrimination can be made for withdrawal of an application under Section 7 or Section 9 on the ground that the application was filed before a cutoff date or filed after a cutoff date. Such cutoff date has no nexus with the objective which is to be achieved. The Adjudicating Authority having failed to notice the aforesaid provisions issued long order discussing regulations and provisions of the Code. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Tea Company Pvt. Ltd.' (Corporate Debtor) negotiated with Punjab National Bank (the sole member of Committee of Creditors) and other claimants, who claim to be the creditors and settled the claims in full. 2. In the aforesaid background, the Punjab National Bank (Applicant under Section 7) filed application under Section 12A of the I B Code for withdrawal of the application the total amount having paid in full and final and having voted by Committee of Creditors with 100% voting share. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata by impugned order dated 3rd August, 2018 rejected the application of withdrawal by detailed order discussing various provisions of the law and regulations. It held tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;Krishna Kumar Mintri' or 'Punjab National Bank'. 5. We have heard learned counsel for the parties and perused the order. 6. The issue relating to application of Section 12A and Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 framed by the IBBI fell for consideration before the Hon'ble Supreme Court in 'Brilliant Alloys Private Limited Vs. Mr. S. Rajagopal Ors.', Petition for Special Leave to Appeal (C) No. 31557/2018. In the said appeal the Hon'ble Supreme Court by order dated 14th December, 2018 observed and held as follows:- ORDER The only reason why the withdrawal was not allowed, though agreed to by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Bank, the Committee of Creditors having approved the Settlement with 100% voting share. 8. So far as Resolution Applicant is concerned, they do not have any right to plead merely because they have filed resolution plan, till its approval or rejection by the Adjudicating Authority. Similar view has been expressed by Hon'ble Supreme Court in 'Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta Ors.' in Civil Appeal Nos. 9402-9405 of 2018, (2019) 2 SCC 1. 9. For the reasons aforesaid, we set aside the impugned order dated 3rd August, 2018, allow the application filed by Punjab National Bank for withdrawal of the application under Section 7 and dismiss the Company Petition C.P.(IB) No. 421/KB/2017, the parties having ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
