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Judgment
This application is filed by the Applicant under Section 12A of the Insolvency and Bankruptcy Code, 2016 Read with Regulation 30A of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the CP (IB) No. 86/9/AMR/2022, which is admitted by this Tribunal vide its order dated 27.09.2022. Though Section 12A only 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 the constitution of CoC. Regulation 30A(1)(a) of the IBC (CIRP) Regulations, 2016, is re-produced under:
“30-A Withdrawal of application – (1) An application for withdrawal under Section 12-A may be made to the Adjudicating Authority – (a) before the constitution of the committee, by the applicant through the Interim Resolution Professional"
The IRP states that complete fee was received and filed Form- FA. The same is recorded. Hence I do not find any reason to disallow the application. The IA(IBC)/241/2022 is allowed and permission is granted to withdraw the Petition. Hence, CP (IB) No.86/9/AMR/2022 is dismissed as withdrawn. Accordingly, CP (IB) No.86/9/AMR/2022 along with IA(IBC)/241/2022 are disposed of.