https://www.taxtmi.com/caselaws?id=382521 Withdrawal under section 12A of the Insolvency and Bankruptcy Code requires compliance with the prescribed procedure and creditor approval, and cannot be used to restore control to promoters treated as ineligible under section 29A. Concerns over undisclosed settlement funding, investor credentials and verification of the proposal support rejection where the arrangement raises illegality or public-policy concerns. Where no resolution plan is approved within the corporate insolvency resolution process period, section 33(1) requires liquidation. If the corporate debtor remains operational with a substantial workforce, liquidation may proceed on a going-concern basis, with interim management continuing until appointment of a liquidator. en-us Wed, 08 May 2019 00:00:00 +0530 Thu, 05 Sep 2019 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382521 Withdrawal under section 12A of the Insolvency and Bankruptcy Code requires compliance with the prescribed procedure and creditor approval, and cannot be used to restore control to promoters treated as ineligible under section 29A. Concerns over undisclosed settlement funding, investor credentials and verification of the proposal support rejection where the arrangement raises illegality or public-policy concerns. Where no resolution plan is approved within the corporate insolvency resolution process period, section 33(1) requires liquidation. If the corporate debtor remains operational with a substantial workforce, liquidation may proceed on a going-concern basis, with interim management continuing until appointment of a liquidator. Case-Laws Insolvency and Bankruptcy Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382521