TMI Blog2022 (3) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... NCLT Rules, allow or disallow an application for withdrawal or settlement. It is true that the procedure for preferring an application under Section 12A of the IBC is contained in Regulation 30A of the Corporate Insolvency Resolution Process Regulations, 2016. In the interest of justice, the Rule 11 of NCLT Rules, 2016 can be invoked in the instant case for withdrawal of petition - application allowed. - IA Nos. 1 and 24/2022 in CP (IB) No. 171/Chd/Pb/2019 - - - Dated:- 16-3-2022 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Harsh Garg and Pulkit Goyal, Advocates For the Respondents : Deepankur Sharma, IRP ORDER Subrata Kumar Dash, Member (T) IA No. 1/2022 1. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst the corporate debtor. 4. It is averred by the applicant that the operational creditor in compliance of the order dated 22.12.2021 has deposited the said amount of ₹ 75,000/- in the account of respondent No. 2 on 30.11.2021, copy of the payment received dated 30.12.2021 is attached with the application as Annexure A-3. It is further submitted that the CIRP in the matter of corporate debtor has commenced on 22.12.2021 and the committee of creditor has not yet been constituted in this matter. 5. It is contended by the applicant that it has filed the present application under Rule 11 of NCLT Rules, 2016 for withdrawal of the present CIRP and not under Section 12A of IBC, 2016 read with Regulation 30A of CIRP Regulations, 2016 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rantee and MOU between the parties, to move an application for withdrawal. The estimated CIRP cost will be ₹ 3,75,000/- and final cost will be informed on the approval of application as the CIRP will continue till any specific direction from this Tribunal. 8. The respondent submitted that the applicant/petitioner concealed the settlement agreement with the corporate debtor and the applicant/petitioner has filed incorrect/manipulated Form FA in order to mislead this Tribunal. It is further submitted that the applicant was not willing to pay the professional fee as well as the CIRP cost of the respondent. 9. It is contended by the respondent that settlement with the corporate debtor could not be arrived at by passing the responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt application is withdrawn which is inter alia put forward without following the due process as mentioned in IBC 2016, along the Regulations, a huge flood of creditors will come forward wherein, it will be a dilemma to the creditors where they will hardly be able to recover from the Corporate Debtor. 12. In his reply, IRP has stated that estimated Corporate Insolvency Resolution Process cost will be ₹ 3,75,000/- to the applicant in response to e-mail dated 28.12.2021, the same is attached as Annexure R-2 of the reply. 13. After careful perusal of the record available and considering the submissions made by the learned counsel for the applicant and respondents, we have come to the conclusion that in the present case it is not di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2016. However, as per the decision of Hon'ble Apex Court in the case of Brilliant Alloys Pvt. Ltd. v. S. Rajagopal, the said provision is held to be directory, depending on the facts of each case. 15. The Hon'ble NCLAT, in the matter of Sushil Ansal Vs. Ashok Tripathi and Ors. in Company Appeal (AT) (Insolvency) No. 452 of 2020 decided on 14.08.2020 and in the matter of Shilpi Cable Technologies Limited Vs. Macquarie Bank Ltd. in Company Appeal (AT) (Ins) No. 101 and 102 of 2017 decided on 01.08.2017 held that the Adjudicating Authority will fix the fee of Interim Resolution Professional for the period he has functioned . Although IRP has claimed estimated cost of ₹ 3,75,000/- but he has not forwarded the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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