https://www.taxtmi.com/article/detailed?id=8424 Section 12A permits withdrawal of an admitted corporate insolvency application only with substantial Committee of Creditors approval and procedural safeguards; regulations prescribe the filing route, timing, a bank guarantee for estimated costs, prompt committee consideration and forwarding by the resolution professional to the adjudicating authority. Judicial review upheld the design as consistent with the collective, in rem nature of insolvency proceedings, preserved adjudicatory oversight before committee constitution, and found the creditor-approval threshold to be a legislative policy choice not offending equality guarantees. en-us Fri, 22 Mar 2019 06:00:57 +0530 Fri, 22 Mar 2019 06:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8424 Section 12A permits withdrawal of an admitted corporate insolvency application only with substantial Committee of Creditors approval and procedural safeguards; regulations prescribe the filing route, timing, a bank guarantee for estimated costs, prompt committee consideration and forwarding by the resolution professional to the adjudicating authority. Judicial review upheld the design as consistent with the collective, in rem nature of insolvency proceedings, preserved adjudicatory oversight before committee constitution, and found the creditor-approval threshold to be a legislative policy choice not offending equality guarantees. Articles Corporate Laws / IBC / SEBI Fri, 22 Mar 2019 06:00:57 +0530 https://www.taxtmi.com/article/detailed?id=8424