https://www.taxtmi.com/caselaws?id=417763 The Tribunal allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 12A of the Insolvency & Bankruptcy Code, 2016. Citing a settlement between the operational creditor and the corporate debtor, the Tribunal exercised its inherent power under Rule 11 of NCLT Rules. The Corporate Debtor was released from insolvency proceedings and permitted to operate independently through its Board of Directors, emphasizing the need to assess individual case circumstances before deciding on CIRP withdrawal. en-us Wed, 12 Jan 2022 00:00:00 +0530 Tue, 01 Feb 2022 08:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417763 The Tribunal allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 12A of the Insolvency & Bankruptcy Code, 2016. Citing a settlement between the operational creditor and the corporate debtor, the Tribunal exercised its inherent power under Rule 11 of NCLT Rules. The Corporate Debtor was released from insolvency proceedings and permitted to operate independently through its Board of Directors, emphasizing the need to assess individual case circumstances before deciding on CIRP withdrawal. Case-Laws Insolvency and Bankruptcy Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417763