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        IBC

        Withdrawal of insolvency proceedings under Section 12A of the...

        Attempt to withdraw insolvency case during liquidation u/s 12A blocked; inherent powers can't override statutory limits, appeal dismissed.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Withdrawal of insolvency proceedings under Section 12A of the IBC at the liquidation stage was held impermissible because the statute confines Section 12A to the CIRP stage, and extending it into Chapter III would contradict legislative intent and distort the liquidation framework; accordingly, the application seeking withdrawal was rightly rejected. Invocation of inherent powers to bypass this express exclusion was disallowed since inherent powers cannot operate in a field expressly governed and consciously limited by Section 12A; hence, no interference with the impugned order was warranted. The plea to refer the matter to a larger Bench on alleged divergent co-ordinate views was rejected on the facts, and the appeal was dismissed. - NCLAT
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