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TMI Blog2018 (11) TMI 1942X X X X Extracts X X X X X X X X Extracts X X X X ..... Bansi Lal Bhat ] Member ( Judicial ) For the Appellant : Mr. Varun Singh, Mr. Gaurav Nair and Ms. Pranati Bhatnagar, Advocates For the 1st Respondent: Mr. Abhishek Anand, Advocate For the 2nd Respondent : Mr. George V.M., Advocate ORDER Learned counsel for the parties submit that the 'Committee of Creditors' by majority vote of 100% has approved the proposal and the 'resolution professional' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under Section 7 or 9. Learned counsel for the applicant submits that as per Regulation 30A of 'Insolvency and Bankruptcy Board of India (Insolvency Regulation Process for Corporate Persons) Regulations, 2016', the 'resolution professional' can move the application, which reads as follows: "30 A. Withdrawal of application. (1) An application for withdrawal under section 12A shall be submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant, within three days of such approval. (5) The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (4). However, Regulation 30A cannot over-ride the substantive provisions of Section 12A according to which the 'applicant' can only move application for withdrawal of the application before the Adjudicating Authority and not by the 'resolution profe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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