https://www.taxtmi.com/caselaws?id=408676 Withdrawal of a pre-constitution insolvency application under Section 12A and Regulation 30A was refused because claims had already been received and remained unverified when Form FA was pursued. The Tribunal held that the Interim Resolution Professional had to verify claims within the prescribed time and act in accordance with the insolvency regulations before seeking withdrawal. Since the statutory claims process was still incomplete, the request could not be treated as a routine settlement-based withdrawal. The application was therefore rejected for non-compliance with the statutory preconditions governing withdrawal. en-us Tue, 08 Jun 2021 00:00:00 +0530 Fri, 18 Jun 2021 08:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408676 Withdrawal of a pre-constitution insolvency application under Section 12A and Regulation 30A was refused because claims had already been received and remained unverified when Form FA was pursued. The Tribunal held that the Interim Resolution Professional had to verify claims within the prescribed time and act in accordance with the insolvency regulations before seeking withdrawal. Since the statutory claims process was still incomplete, the request could not be treated as a routine settlement-based withdrawal. The application was therefore rejected for non-compliance with the statutory preconditions governing withdrawal. Case-Laws Insolvency and Bankruptcy Tue, 08 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408676