When the Applicant wants to withdraw the application before Constitution of CoC, while resorting to amended Reg. 30A, there is no bar for a party to simultaneously move AA for withdrawal relying on Rule 11 of the NCLT Rules 2016- Mr. K.C. Sanjeev vs. Mr. Easwara Pillai Kesavan Nair-NCLAT

NCLAT held that subsequent to Judgment in the matter of Swiss Ribbons, the Regulations come to be amended. Considering this, and the practical difficulties which Applicants and the Corporate Debtor like the present one are facing, we are of the view that there is no reason why Parties cannot resort simultaneously to the window given by Hon’ble Supreme Court in above Para 79. In our view when the Applicant wants to withdraw the application before Constitution of CoC, while resorting to amended Regulation 30A, there is no bar for a party to simultaneously move Adjudicating Authority for withdrawal relying on Rule 11 of the NCLT Rules 2016 in view of Right given in the Judgment of Hon’ble Supreme Court. The Adjudicating Authority should receive such applications and can deal with the Applications in terms of above Para 79 while it may await response from IRP.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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