Section 12A withdrawal settlement terms cannot be rewritten; further extension to file the application was rejected.

Where settlement terms for withdrawal of the CIRP under Section 12A had not been mutually concluded, the NCLAT held that the Tribunal could not rewrite or vary the proposed terms. The appellant had already received repeated extensions to pursue withdrawal, and the last order had made clear that no further extension would be entertained. On that factual and procedural basis, the request for additional time was found unjustified, and the application for extension was rejected.

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Issues: Whether the Appellant was entitled to a further extension of time to enable filing of an application for withdrawal of the CIRP under Section 12A, and whether the Tribunal could alter the settlement terms proposed by the financial creditor.

Analysis: The settlement between the parties had not been concluded by mutual assent to all terms, and the Tribunal could not rewrite or vary the terms of settlement. The earlier orders had already granted repeated extensions for pursuing withdrawal under Section 12A, and the last order had made it clear that no further extension would be entertained. In these circumstances, the request for additional time was not justified.

Conclusion: The Appellant was not entitled to any further extension of time, and the application for extension was rejected.

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