https://www.taxtmi.com/caselaws?id=386199 The National Company Law Tribunal, Ahmedabad Bench, allowed the withdrawal of the Insolvency and Bankruptcy Petition under Section 60(5) of the Code before the formal constitution of the Committee of Creditors. The Tribunal held that the Adjudicating Authority had the power to order withdrawal and recall the Corporate Insolvency Resolution Process based on legal precedents. The parties were directed to pay the IRP's fees and expenses, as well as the process costs within a specified period. Failure to comply would lead to the completion of the resolution process. en-us Fri, 05 Jul 2019 00:00:00 +0530 Tue, 24 Sep 2019 07:17:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386199 The National Company Law Tribunal, Ahmedabad Bench, allowed the withdrawal of the Insolvency and Bankruptcy Petition under Section 60(5) of the Code before the formal constitution of the Committee of Creditors. The Tribunal held that the Adjudicating Authority had the power to order withdrawal and recall the Corporate Insolvency Resolution Process based on legal precedents. The parties were directed to pay the IRP's fees and expenses, as well as the process costs within a specified period. Failure to comply would lead to the completion of the resolution process. Case-Laws Insolvency and Bankruptcy Fri, 05 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386199