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Judgment
Per se: Justice(Retd) Rajesh Dayal Khare; Member(Judicial)
The present Application is filed U/s 12A of The Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 for withdrawal of Application filed under Section 9 against the Corporate Debtor by the Resolution Professional who was appointed as Interim Resolution Professional in the CP No. 313/ALD/2018 vide order dated 29.01.2019.
It is stated that, as directed under the aforesaid Order dated 28.08.2019, the Public announcement of Corporate Insolvency Resolution Process has been made. Form A has been complied with, in English and Hindi newspapers "Financial Express" (English) dated 31.01.2019 and "Jansatta" (Hindi) dated 31.01.2019. As per which, the last date to file claim was 11.02.2019.
After the last date of submission of claims i.e. 11.02.2019, Applicant received seven no. of claims from the Operational Creditors, the report of Creditors and report on Constitution of Committee of Creditors was submitted to this Tribunal vide Dairy No. 1004 & 1005 dated 31.05.2019. Subsequently, the Applicant was further appointed as Resolution Professional by the COC at their meeting held on 4th June, 2019.
Further stated that, in the 4th meeting of COC, the Applicant Resolution Professional apprised the COC members that one of the COC members namely Naveen Kumar Sharma the authorized representative of Ansh Contractors who was the Applicant in the subject matter attended the COC meeting and agreed for withdrawal of CIRP initiated by him on the request of COC members because all the COC members were unable to afford the CIRP expenses increasing day by day and accordingly, all the COC members present unanimously agreed for withdrawal of CIRP subject to the payment of CIRP cost to the tune of Rs. 3,52,000/-.
Thereafter, on 24th August 2019, copy of Form duly signed by the Operational Creditor was placed before the COC meeting which was duly approved by 93.32% Voting Rights.
It is evident from the above stated facts that all the requisite formalities have been completed and the regulations have been complied with. In the aforesaid circumstances CA- 289/2019 is allowed permitting the Applicant to withdraw CP-313/ALD/2018. Further directs the COC to pay the expenses of Rs. 3,52,000/- which has been approved by them.
CA- 289/2019 is disposed off accordingly.
CP-313/ALD/2018 is disposed as withdrawn.