https://www.taxtmi.com/caselaws?id=402517 The application to terminate the Insolvency Resolution Process was dismissed as not maintainable by the Tribunal. Despite a settlement between the Corporate Debtor and Operational Creditor, the application was filed by the Suspended Board of Directors, not the authorized applicant. The Tribunal emphasized compliance with Section 12A and Regulation 30A, requiring withdrawal applications to be filed through the Interim Resolution Professional by the initiating party. Consequently, the application was deemed not maintainable based on procedural non-compliance. en-us Fri, 21 Aug 2020 00:00:00 +0530 Tue, 05 Jan 2021 10:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402517 The application to terminate the Insolvency Resolution Process was dismissed as not maintainable by the Tribunal. Despite a settlement between the Corporate Debtor and Operational Creditor, the application was filed by the Suspended Board of Directors, not the authorized applicant. The Tribunal emphasized compliance with Section 12A and Regulation 30A, requiring withdrawal applications to be filed through the Interim Resolution Professional by the initiating party. Consequently, the application was deemed not maintainable based on procedural non-compliance. Case-Laws Insolvency and Bankruptcy Fri, 21 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402517