https://www.taxtmi.com/caselaws?id=298981 The Tribunal held that the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code must be filed by the original applicant and approved by 90% of the Committee of Creditors' voting share. Despite the Committee of Creditors approving the withdrawal with 100% voting share, as the application was not filed by the original applicant (Operational Creditor), the Tribunal deemed it not maintainable. Consequently, the Tribunal rejected the Interim Resolution Professional's request to allow the withdrawal of the Company Petition and dismissed the application. en-us Thu, 18 Feb 2021 00:00:00 +0530 Tue, 30 Nov 2021 08:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298981 The Tribunal held that the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code must be filed by the original applicant and approved by 90% of the Committee of Creditors' voting share. Despite the Committee of Creditors approving the withdrawal with 100% voting share, as the application was not filed by the original applicant (Operational Creditor), the Tribunal deemed it not maintainable. Consequently, the Tribunal rejected the Interim Resolution Professional's request to allow the withdrawal of the Company Petition and dismissed the application. Case-Laws Insolvency and Bankruptcy Thu, 18 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298981