Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 - IBBI/2019-20/GN/REG048 - Insolvency and Bankruptcy

Withdrawal of insolvency application requires bank guarantee, committee approval with high voting threshold and adjudicating authority consent.

Regulation 30A prescribes the procedure for withdrawal of applications under section 12A: applications must be in Form FA with a bank guarantee covering estimated expenses, filed through the interim or resolution professional depending on stage; the interim resolution professional must submit pre-committee withdrawals to the Adjudicating Authority within three days; post-committee withdrawals are considered by the committee within seven days and require ninety percent voting share for approval, after which the resolution professional files the approval with the Adjudicating Authority within three days; on Adjudicating Authority approval the applicant must deposit actual expenses within three days or the bank guarantee will be invoked.