https://www.taxtmi.com/caselaws?id=300659 The Tribunal dismissed the Operational Creditor's application seeking withdrawal under Rule 11, as it did not comply with the prescribed procedures of Section 12A and Regulation 30A of the IBC. Despite claiming settlement with the Corporate Debtor, the application was filed directly without involving the IRP, contrary to the specified withdrawal process. The Tribunal emphasized the necessity of following statutory provisions for withdrawal applications to maintain procedural fairness and legal compliance. en-us Tue, 17 Dec 2019 00:00:00 +0530 Fri, 18 Feb 2022 07:31:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300659 The Tribunal dismissed the Operational Creditor's application seeking withdrawal under Rule 11, as it did not comply with the prescribed procedures of Section 12A and Regulation 30A of the IBC. Despite claiming settlement with the Corporate Debtor, the application was filed directly without involving the IRP, contrary to the specified withdrawal process. The Tribunal emphasized the necessity of following statutory provisions for withdrawal applications to maintain procedural fairness and legal compliance. Case-Laws Insolvency and Bankruptcy Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300659