https://www.taxtmi.com/caselaws?id=418487 Where the Insolvency and Bankruptcy Code and Regulation 30A prescribe a specific procedure for withdrawal of an admitted insolvency petition, the NCLT's inherent powers under Rule 11 cannot be used to bypass that route. The Tribunal noted that earlier authorities permitting recourse to inherent powers were confined to situations where the Committee of Creditors had not yet been constituted and no specific withdrawal mechanism applied. As Regulation 30A now governs withdrawal both before and after constitution of the Committee of Creditors, the application for withdrawal based on settlement was not maintainable under Rule 11, and the parties had to proceed under the prescribed insolvency withdrawal framework. en-us Tue, 01 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418487 Where the Insolvency and Bankruptcy Code and Regulation 30A prescribe a specific procedure for withdrawal of an admitted insolvency petition, the NCLT's inherent powers under Rule 11 cannot be used to bypass that route. The Tribunal noted that earlier authorities permitting recourse to inherent powers were confined to situations where the Committee of Creditors had not yet been constituted and no specific withdrawal mechanism applied. As Regulation 30A now governs withdrawal both before and after constitution of the Committee of Creditors, the application for withdrawal based on settlement was not maintainable under Rule 11, and the parties had to proceed under the prescribed insolvency withdrawal framework. Case-Laws Insolvency and Bankruptcy Tue, 01 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418487