Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 Chapter VIII CONDUCT OF CORPORATE INSOLVENCY RESOLUTION PROCESS
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Withdrawal of application: applicants must secure approval and deposit determined expenses or face invocation of guarantee. Regulation 30A requires applications to withdraw under section 12A to be filed in Form FA with a bank guarantee; pre-committee applications are submitted to the Adjudicating Authority by the interim resolution professional within three days, while post-committee applications are considered by the committee within seven days and, if committee-approved, submitted to the Adjudicating Authority within three days. Upon Adjudicating Authority approval the applicant must deposit actual expenses as determined by the interim resolution professional or resolution professional within three days, failing which the bank guarantee will be invoked.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withdrawal of application: applicants must secure approval and deposit determined expenses or face invocation of guarantee.
Regulation 30A requires applications to withdraw under section 12A to be filed in Form FA with a bank guarantee; pre-committee applications are submitted to the Adjudicating Authority by the interim resolution professional within three days, while post-committee applications are considered by the committee within seven days and, if committee-approved, submitted to the Adjudicating Authority within three days. Upon Adjudicating Authority approval the applicant must deposit actual expenses as determined by the interim resolution professional or resolution professional within three days, failing which the bank guarantee will be invoked.
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