Withdrawal of admitted insolvency applications is tightly restricted by creditor approval, process stage limits, and a thirty-day decision timeline. Withdrawal of an application admitted under section 7, section 9 or section 10 is permitted only with the Adjudicating Authority's approval, on an application made by the resolution professional and supported by ninety per cent of the committee of creditors' voting share. Withdrawal is barred before constitution of the committee of creditors and after the first invitation for submission of a resolution plan has been issued. The Adjudicating Authority must decide the withdrawal application within thirty days, or record reasons for delay in writing.
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 admitted insolvency applications is tightly restricted by creditor approval, process stage limits, and a thirty-day decision timeline.
Withdrawal of an application admitted under section 7, section 9 or section 10 is permitted only with the Adjudicating Authority's approval, on an application made by the resolution professional and supported by ninety per cent of the committee of creditors' voting share. Withdrawal is barred before constitution of the committee of creditors and after the first invitation for submission of a resolution plan has been issued. The Adjudicating Authority must decide the withdrawal application within thirty days, or record reasons for delay in writing.
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