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Judgment
MA 3496/2019 IA 513/2021
The Interlocutory Application bearing MA No. 3496 of 2019, is filed by the Federal Bank Limited, seeking direction that order dt. 30.07.2019, passed by this Tribunal in MA 1190 of 2019, be modified/recalled/quashed. Applicant in MA 3496 of 2019, further prays that this Tribunal be pleased to stay the order passed in MA 1190 of 2019.
Counsel appearing for the Interim Resolution Professional in IA No. 513 of 2021, is present and has brought to our notice that the Applicant has received an amount to the extent of Rs. 08,39,322/- as Corporate Insolvency Resolution Process cost. Counsel has further brought our attention towards the order dt. 29.11.2018, wherein this Bench recorded that “as per the provision of Section 12A condition was only that the Interlocutory Application for withdrawal can be permitted only if the Committee of Creditors with voting share of 90% has passed Resolution. Section 12A has been inserted by Act No. 26 of 2018 w.e.f. 06.06.2018, but it is clarificatory in nature and which has come into force as per the directions of Hon’ble Supreme Court, therefore, we are of the considered opinion that Section 12A will be applicable in this case. Conditions laid down in Section 12A are satisfied because application for withdrawal has been supported with 100% voting share of CoC. Therefore, application filed by Federal Bank deserves to be allowed”.
Accordingly, the Application bearing MA No. 1421 of 2018 was allowed and disposed of and the Company Petition bearing CP (IB) No. 1309 of 2017, was dismissed as withdrawn. Therefore, in view of the withdrawal of the main Company Petition bearing CP (IB) No. 1309 of 2017, the present Applications bearing MA No. 3496/2019 & IA No. 513/2021, will not survive; hence, the same are disposed of as dismissed.