Section 12A withdrawal applications require committee approval, timely filing, expense security, and continued resolution professional duties pending decision.

Regulation 30A requires a section 12A withdrawal application to be made by the resolution professional to the Adjudicating Authority within three days of committee of creditors approval. The application must be in the Board-notified form and accompanied by a bank guarantee or demand draft for estimated specified process expenses. It cannot be made before committee constitution or after issuance of an invitation for expression of interest. The resolution professional continues process duties pending decision, and actual expenses must be deposited following approval.

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