Withdrawal of insolvency applications requires creditor approval, with strict limits before committee formation and plan invitation.

Provides for the withdrawal of an application admitted under sections 7, 9 or 10, subject to approval by ninety per cent of the committee of creditors and an application made by the resolution professional. Withdrawal is not permitted before constitution of the committee of creditors or after the first invitation for submission of a resolution plan. The Adjudicating Authority must pass an order within thirty days, and record reasons for any delay in writing.

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