Corporate insolvency withdrawal under Section 12A can be approved after admission, before CoC constitution, if Regulation 30A is satisfied.

A corporate insolvency petition may be withdrawn under Section 12A read with Regulation 30A after admission, provided the prescribed process is complied with before constitution of the Committee of Creditors. Here, the withdrawal request was moved through the Interim Resolution Professional in Form FA after the operational creditor and the corporate debtor settled the dispute amicably. As the Committee of Creditors had not yet been constituted, the adjudicating authority treated the procedural requirements as satisfied and held that it could approve withdrawal at that stage. The company petition was therefore permitted to be withdrawn.

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Issues: Whether the corporate insolvency petition could be withdrawn under Section 12A read with Regulation 30A after admission of the petition and before constitution of the Committee of Creditors.

Analysis: The application was moved through the Interim Resolution Professional in Form FA after the operational creditor and the corporate debtor recorded an amicable settlement. The Committee of Creditors had not yet been constituted. The procedural requirements contemplated by Regulation 30A were treated as satisfied, and the adjudicating authority accepted that it had power to approve withdrawal even after admission of the petition.

Conclusion: Withdrawal of the company petition was permitted and the application was allowed.

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