The application, IA(IBC)/365/2023, was filed by the Applicant/Insolvency Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the TCP (IB)/49/9/AMR/2019, which was admitted by the Tribunal vide its order dated 01.09.2023. Section 12A permits the application to be filed with approval of ninety-nine percent voting share of the Committee of Creditors, which means that it has to be filed only after the constitution of Committee of Creditors (CoC). Regulation 30A(1)(a) of the IBC (CIRP) Regulations, 2016 permits such application to be filed before inviting the Expression of Interest (EoI).
The case involves an application, IA(IBC)/365/2023, filed by the Insolvency Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the TCP (IB)/49/9/AMR/2019. The TCP (IB)/49/9/AMR/2019 was admitted by the Tribunal on 01.09.2023. The IRP submitted that the application under Section 12A was submitted to him and that complete fee under Regulation 30A (1) (c) & (d) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 was received. The application was filed before the constitution of the Committee of Creditors (CoC). The Operational Creditor (OC) fulfilled the safeguards provided under Regulation 30A of IBBI Regulations, and the IRP had no complaints in that regard.
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The Tribunal admitted…
The court passed the…
The application, IA(IBC)/365/2023, was filed by the Applicant/Insolvency Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the TCP (IB)/49/9/AMR/2019, which was admitted by the Tribunal vide its order dated 01.09.2023. Section 12A permits the application to be filed with approval of ninety-nine percent voting share of the Committee of Creditors, which means that it has to be filed only after the constitution of Committee of Creditors (CoC). Regulation 30A(1)(a) of the IBC (CIRP) Regulations, 2016 permits such application to be filed before inviting the Expression of Interest (EoI).
The case involves an application, IA(IBC)/365/2023, filed by the Insolvency Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the TCP (IB)/49/9/AMR/2019. The TCP (IB)/49/9/AMR/2019 was admitted by the Tribunal on 01.09.2023. The IRP submitted that the application under Section 12A was submitted to him and that complete fee under Regulation 30A (1) (c) & (d) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 was received. The application was filed before the constitution of the Committee of Creditors (CoC). The Operational Creditor (OC) fulfilled the safeguards provided under Regulation 30A of IBBI Regulations, and the IRP had no complaints in that regard.
The Tribunal admitted…
The court passed the…