https://www.taxtmi.com/caselaws?id=301019 The Adjudicating Authority dismissed the application seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016. The settlement proposal was deemed more akin to a business restructuring plan rather than a simple settlement under the Code. The Authority highlighted that the Committee of Creditors' decision to withdraw CIRP without receiving any payment did not align with the IBC provisions. As there was no final offer or acceptance between the Corporate Debtor's promoter and the CoC, the application was dismissed, emphasizing that the proposed liquidation terms exceeded the IBC's scope. en-us Thu, 12 Aug 2021 00:00:00 +0530 Tue, 08 Mar 2022 08:58:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301019 The Adjudicating Authority dismissed the application seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016. The settlement proposal was deemed more akin to a business restructuring plan rather than a simple settlement under the Code. The Authority highlighted that the Committee of Creditors' decision to withdraw CIRP without receiving any payment did not align with the IBC provisions. As there was no final offer or acceptance between the Corporate Debtor's promoter and the CoC, the application was dismissed, emphasizing that the proposed liquidation terms exceeded the IBC's scope. Case-Laws Insolvency and Bankruptcy Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301019