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Judgment
As we can see from provisions under Section 12A of IBC, 2016 read with Regulation 30A(5) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the CoC with 90% voting share can take a decision to withdraw the petition. In the present case, Ld. Counsel for the Applicant drew our attention to resolution dated 25.07.2023 passed by the CoC for filing an application under Section 12A of IBC, 2016 to withdraw IB/585/ND/2019. In view of the aforementioned resolution passed by the CoC and prayers made in the present application put-forth by the Ld. Counsel for the Applicant, the present application i.e. IA/4143/ND/2023 is allowed and IB/585/ND/2019 is dismissed as withdrawn.
The case folders and connected papers be consigned to the record room.