(Rohinton Fali Nariman and Navin Sinha, JJ.)
Brilliant Alloys Private Limited _______________________ Petitioner
v.
Mr. S. Rajagopal & Ors. ________________________ Respondent(s)
(For Admission and I.R.)
Petition(s) for Special Leave to Appeal (C) No(s). 31557/2018, decided on December 14, 2018
The Order of the court was delivered by
Order
1. The only reason why the withdrawal was not allowed, though agreed to by the Corporate Debtor as well as the Financial Creditor-State Bank of India and the Operational Creditor-Respondent No. 3, is because Regulation 30A states that withdrawal cannot be permitted after issue of invitation for expression of interest.
2. According to us, this Regulation has to be read along with the main provision Section 12A which contains no such stipulation.
3. Accordingly, this stipulation can only be construed as directory depending on the facts of each case.
4. Accordingly, we allow the Settlement that has been entered into and annul the proceedings.
5. The Special Leave Petition is disposed of accordingly.
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