https://www.taxtmi.com/highlights?id=61751 Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code without even getting a single sum from the promoter of the Corporate Debtor, in respect of the withdrawal of the CIRP pertaining to the Corporate Debtor. As a matter of fact, the Adjudicating Authority had in the impugned order had categorically observed that the ‘Settlement Proposal’ is not a Settlement Simpliciter but it is a business restructuring plan. - based on ambiguity of the terms of the settlement NCLT cannot order for withdrawal of CIRP - AT en-us Wed, 02 Feb 2022 15:20:49 +0530 Wed, 02 Feb 2022 15:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61751 Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code without even getting a single sum from the promoter of the Corporate Debtor, in respect of the withdrawal of the CIRP pertaining to the Corporate Debtor. As a matter of fact, the Adjudicating Authority had in the impugned order had categorically observed that the ‘Settlement Proposal’ is not a Settlement Simpliciter but it is a business restructuring plan. - based on ambiguity of the terms of the settlement NCLT cannot order for withdrawal of CIRP - AT Highlights Insolvency and Bankruptcy Wed, 02 Feb 2022 15:20:49 +0530 https://www.taxtmi.com/highlights?id=61751