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TMI Blog2019 (2) TMI 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... on under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') for initiation of Corporate Insolvency Resolution Process against 'Mintri Tea Company Pvt. Ltd.'. The application was admitted and single member Committee of Creditors comprising of 'Punjab National Bank' was constituted in absence of any other financial creditor. The Appellant - 'Krishna Kumar Mintri', shareholder of 'Mintri 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 unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommittee of Creditors (Punjab National Bank). It is submitted that inspite of the same, the Adjudicating Authority, ignoring the settlement, directed the Punjab National Bank to pay the fee and cost of resolution to the Resolution Professional. Mr. Kamlesh Kumar Singhania, Resolution Professional submits that he will be happy to receive the amount as approved by the Committee of Creditors and do not bother who will pay the amount i.e. the Appellant - '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 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch 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. The Adjudicating Authority should have allowed application of withdrawal filed by the Applicant - Punjab National 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 resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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