https://www.taxtmi.com/caselaws?id=393016 Where a settlement is reached after admission of a corporate insolvency resolution process, the adjudicating authority may permit withdrawal under Section 12A of the Insolvency and Bankruptcy Code read with Regulation 30A if the procedural requirements are satisfied. The withdrawal request was supported by Form FA, settlement terms, and proof of full and final payment, and since the committee of creditors had not yet been constituted, the 90% voting approval requirement did not arise. The tribunal held that it had power to allow withdrawal even after admission of the petition. The corporate insolvency resolution process and moratorium were withdrawn, terminating the insolvency proceedings and restoring the corporate debtor to functioning through its board. en-us Fri, 29 Nov 2019 00:00:00 +0530 Wed, 04 Mar 2020 12:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393016 Where a settlement is reached after admission of a corporate insolvency resolution process, the adjudicating authority may permit withdrawal under Section 12A of the Insolvency and Bankruptcy Code read with Regulation 30A if the procedural requirements are satisfied. The withdrawal request was supported by Form FA, settlement terms, and proof of full and final payment, and since the committee of creditors had not yet been constituted, the 90% voting approval requirement did not arise. The tribunal held that it had power to allow withdrawal even after admission of the petition. The corporate insolvency resolution process and moratorium were withdrawn, terminating the insolvency proceedings and restoring the corporate debtor to functioning through its board. Case-Laws Insolvency and Bankruptcy Fri, 29 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393016