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of <h1>Withdrawal of Insolvency Applications Under IBC: Key Procedures and Judicial Insights on Section 12A and Regulation 30A</h1> The process for withdrawing an application under sections 7, 9, or 10 of the Insolvency and Bankruptcy Code (IBC) involves approval from the Adjudicating Authority, contingent on a 90% voting share from the committee of creditors. Applications can be made before or after the committee's constitution, with specific procedures outlined for each scenario in Regulation 30A. Judicial interpretations emphasize the procedural nuances and limitations of section 12A, highlighting that it doesn't apply to resolution applicants and that the regulation cannot override substantive provisions. The Supreme Court and NCLAT have provided various rulings clarifying these aspects.
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