https://www.taxtmi.com/caselaws?id=407765 The Tribunal allowed the Application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The withdrawal was based on Section 12(A) of the Insolvency & Bankruptcy Code, 2016 and Regulation 30(A) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The Committee of Creditors (CoC), constituted by the sole Operational Creditor with 100% voting rights, decided to withdraw the CIRP instead of appointing a Resolution Professional. Management powers of the Corporate Debtor were directed to be handed over to the Board of Directors, and assets collected during the CIRP process were to be transferred to the Management/Board of Directors. en-us Fri, 23 Apr 2021 00:00:00 +0530 Fri, 21 May 2021 08:29:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407765 The Tribunal allowed the Application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The withdrawal was based on Section 12(A) of the Insolvency & Bankruptcy Code, 2016 and Regulation 30(A) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The Committee of Creditors (CoC), constituted by the sole Operational Creditor with 100% voting rights, decided to withdraw the CIRP instead of appointing a Resolution Professional. Management powers of the Corporate Debtor were directed to be handed over to the Board of Directors, and assets collected during the CIRP process were to be transferred to the Management/Board of Directors. Case-Laws Insolvency and Bankruptcy Fri, 23 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407765