https://www.taxtmi.com/caselaws?id=389548 After admission of an insolvency petition, withdrawal or settlement is not automatic because the process becomes a collective proceeding in rem. Where the Committee of Creditors has not yet been constituted, the Adjudicating Authority may exercise discretion to consider a withdrawal request directly, hearing the parties and assessing all relevant circumstances. The later amendment to the withdrawal regulation is consistent with this framework for withdrawal before and after constitution of the Committee of Creditors. On the facts described, the authority sought creditor responses and referred the matter to the Committee of Creditors, and no error was found in that approach; the subsequent disapproval of withdrawal by the Committee, which was not challenged, reinforced that result. en-us Fri, 06 Dec 2019 00:00:00 +0530 Tue, 10 Dec 2019 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389548 After admission of an insolvency petition, withdrawal or settlement is not automatic because the process becomes a collective proceeding in rem. Where the Committee of Creditors has not yet been constituted, the Adjudicating Authority may exercise discretion to consider a withdrawal request directly, hearing the parties and assessing all relevant circumstances. The later amendment to the withdrawal regulation is consistent with this framework for withdrawal before and after constitution of the Committee of Creditors. On the facts described, the authority sought creditor responses and referred the matter to the Committee of Creditors, and no error was found in that approach; the subsequent disapproval of withdrawal by the Committee, which was not challenged, reinforced that result. Case-Laws Insolvency and Bankruptcy Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389548