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Withdrawal of CIRP - The NCLAT emphasized that withdrawal of CIRP necessitates an application by the applicant and approval by 90% of the Committee of Creditors (CoC), as mandated by Section 12A of the IBC. - However, it was found that Form 'FA' submitted for withdrawal was not signed by the applicant, indicating non-compliance with procedural requirements. Despite objections raised by the appellant (Joinup Corporation), the Form 'FA' was submitted by the Financial Creditor (Tamilnad Mercantile Bank Limited), leading to discrepancies in the submission process. - the NCLAT concluded that the withdrawal of CIRP was not conducted in accordance with the law. It set aside the impugned order and revived the CIRP proceedings.
Withdrawal of CIRP - The NCLAT emphasized that withdrawal of CIRP necessitates an application by the applicant and approval by 90% of the Committee of Creditors (CoC), as mandated by Section 12A of the IBC. - However, it was found that Form 'FA' submitted for withdrawal was not signed by the applicant, indicating non-compliance with procedural requirements. Despite objections raised by the appellant (Joinup Corporation), the Form 'FA' was submitted by the Financial Creditor (Tamilnad Mercantile Bank Limited), leading to discrepancies in the submission process. - the NCLAT concluded that the withdrawal of CIRP was not conducted in accordance with the law. It set aside the impugned order and revived the CIRP proceedings.
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