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Issues: Whether an assignee of the original financial creditor could seek withdrawal of the corporate insolvency resolution process after constitution of the Committee of Creditors.
Analysis: Corporate insolvency resolution proceedings are proceedings in rem, and withdrawal after admission is governed by the statutory scheme of section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Once the Committee of Creditors had already been constituted, any request for withdrawal had to satisfy the post-constitution mechanism under Regulation 30A(1)(b). The application before the Tribunal was not a withdrawal request filed by the resolution professional on the basis of a pre-constitution Form FA process, but an interlocutory application by the assignee seeking the same relief after the Committee of Creditors had come into existence.
Conclusion: The request for withdrawal could not be granted in the manner sought, and the application filed by the assignee was dismissed.
Ratio Decidendi: After constitution of the Committee of Creditors, withdrawal of CIRP must conform to the statutory post-constitution procedure under section 12A and Regulation 30A, and an assignee cannot bypass that framework by seeking direct withdrawal on its own application.
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