https://www.taxtmi.com/caselaws?id=300808 The application under Section 12A of the IB Code seeking withdrawal of the Corporate Insolvency Resolution Process was partially allowed, granting relief for dismissal of the process and discharge of the RP. The challenge to the CoC constitution was upheld, declaring it void ab initio due to lack of claimants, allowing the Operational Creditor to file a withdrawal application. The RP's delayed filing of Form FA without reason was criticized, along with the failure to inform the Adjudicating Authority promptly, resulting in wastage of time and resources. The judgment emphasized the importance of timely actions and efficient communication in insolvency proceedings. en-us Mon, 31 Aug 2020 00:00:00 +0530 Tue, 18 Apr 2023 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300808 The application under Section 12A of the IB Code seeking withdrawal of the Corporate Insolvency Resolution Process was partially allowed, granting relief for dismissal of the process and discharge of the RP. The challenge to the CoC constitution was upheld, declaring it void ab initio due to lack of claimants, allowing the Operational Creditor to file a withdrawal application. The RP's delayed filing of Form FA without reason was criticized, along with the failure to inform the Adjudicating Authority promptly, resulting in wastage of time and resources. The judgment emphasized the importance of timely actions and efficient communication in insolvency proceedings. Case-Laws Insolvency and Bankruptcy Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300808