2023 (6) TMI 794 - SCH - Insolvency and Bankruptcy

Appellant's Appeal Dismissed for Failing to Meet Creditors' Consent Requirement

The Supreme Court dismissed the appeal as the appellant could not invoke Section 12A of the Insolvency and Bankruptcy Code without the consent of 90% of ... Withdrawal of CIRP after approval of Resolution Plan - Whether after approval of the Resolution Plan by Committee of Creditors under Section 30, sub-section (4) and filing an Application before the Adjudicating Authority for its approval, any Settlement Proposal under Section 12A (filed by Ex-Promoter) can be entertained deferring consideration of approval of Resolution Plan by the Adjudicating Authority - NCLAT [2022 (1) TMI 1323 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] held The Adjudicating Authority being not satisfied that there is adequate reason to accept the prayer of the Appellant, no error has been committed by the Adjudicating Authority in rejecting the Application - HELD THAT:- There are no good ground and reason to interfere with the impugned judgment, as the appellant, cannot invoke Section 12A of the Insolvency and Bankruptcy Code, 2016 in the absence of requisite concurrence/consent of 90% of the creditors. Appeal dismissed. The Supreme Court dismissed the appeal as the appellant could not invoke Section 12A of the Insolvency and Bankruptcy Code without the consent of 90% of creditors. Other issues were not examined, and pending applications were disposed of.