https://www.taxtmi.com/caselaws?id=412388 SC held that the adjudicating authority may permit withdrawal of a CIRP application if approved by 90% of the CoC. The resolution to withdraw had the requisite majority, the Corporate Debtor settled with financial creditors and was restored as a going concern. Consequently, from the withdrawal date management and powers reverted to the directors, the RP and CoC became functus officio, and the employee's subsequent application was rendered infructuous. The appeal was disposed of accordingly. en-us Wed, 15 Sep 2021 00:00:00 +0530 Sat, 06 Sep 2025 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412388 SC held that the adjudicating authority may permit withdrawal of a CIRP application if approved by 90% of the CoC. The resolution to withdraw had the requisite majority, the Corporate Debtor settled with financial creditors and was restored as a going concern. Consequently, from the withdrawal date management and powers reverted to the directors, the RP and CoC became functus officio, and the employee's subsequent application was rendered infructuous. The appeal was disposed of accordingly. Case-Laws IBC Wed, 15 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412388