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of <h1>Regulation 30A: Withdrawal of Insolvency Application Requires 90% Approval and Bank Guarantee for Estimated Expenses</h1> Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, outlines the procedure for withdrawing an application under section 12A. It allows withdrawal before the committee's constitution through the interim resolution professional, or after, through either the interim or resolution professional. If withdrawal is sought after issuing an invitation for expression of interest, reasons must be provided. The process requires a bank guarantee for estimated expenses. Approval by the committee with a 90% voting share is necessary, followed by submission to the Adjudicating Authority, which may approve the withdrawal. Failure to deposit actual expenses leads to invoking the bank guarantee.
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