Withdrawal under section 12A: committee supermajority approval and Adjudicating Authority sanction required, with payment of professional expenses. Withdrawal of an application to initiate corporate insolvency is permitted subject to committee approval by the prescribed supermajority and Adjudicating Authority sanction. Regulation 30A prescribes filing through the interim or resolution professional, submission timelines, an application form with a bank guarantee for estimated professional expenses, and mandatory deposit of actual expenses into the corporate debtor's account upon approval, with invocation of the bank guarantee for non-payment. The Authority retains discretion and inherent powers where the committee is not yet constituted.
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 under section 12A: committee supermajority approval and Adjudicating Authority sanction required, with payment of professional expenses.
Withdrawal of an application to initiate corporate insolvency is permitted subject to committee approval by the prescribed supermajority and Adjudicating Authority sanction. Regulation 30A prescribes filing through the interim or resolution professional, submission timelines, an application form with a bank guarantee for estimated professional expenses, and mandatory deposit of actual expenses into the corporate debtor's account upon approval, with invocation of the bank guarantee for non-payment. The Authority retains discretion and inherent powers where the committee is not yet constituted.
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