https://www.taxtmi.com/caselaws?id=382521 Section 12A withdrawal of CIRP requires compliance with the prescribed procedure, committee of creditors approval, and transparent disclosure of the settlement structure. The note highlights that withdrawal may be refused where the proposal appears designed to restore control to promoters treated as wilful defaulters or otherwise ineligible under section 29A, particularly if the source of funds, investor credentials, and verifiability of the offer are not satisfactorily disclosed. It also notes that, if no resolution plan is approved within the CIRP period and withdrawal fails, liquidation follows as the statutory consequence, with going-concern treatment available where the debtor continues as an operating business. 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 Section 12A withdrawal of CIRP requires compliance with the prescribed procedure, committee of creditors approval, and transparent disclosure of the settlement structure. The note highlights that withdrawal may be refused where the proposal appears designed to restore control to promoters treated as wilful defaulters or otherwise ineligible under section 29A, particularly if the source of funds, investor credentials, and verifiability of the offer are not satisfactorily disclosed. It also notes that, if no resolution plan is approved within the CIRP period and withdrawal fails, liquidation follows as the statutory consequence, with going-concern treatment available where the debtor continues as an operating business. Case-Laws Insolvency and Bankruptcy Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382521