Withdrawal of insolvency application requires committee approval, prescribed security, and prompt deposit of actual expenses after approval. Withdrawal of an application under section 12A must be filed by the resolution professional within three days of approval by the committee of creditors, in the prescribed form, together with a bank guarantee or demand draft for estimated expenses. The application cannot be made before constitution of the committee of creditors or after issue of the invitation for expression of interest under regulation 36A. If approved, actual expenses must be deposited within three days, failing which the security may be invoked or encashed.