https://www.taxtmi.com/caselaws?id=301439 Withdrawal of CIRP under Section 12A of the Insolvency and Bankruptcy Code was refused despite CoC approval of a settlement, because the proposal had to comply with the Code's time-bound framework. Repeated postponements in issuing the invitation for expression of interest and publishing Form G were found to lack proper approval, and the settlement structure was treated as inconsistent with the prescribed CIRP timelines. The arrangement was also regarded as uncertain and dependent on future contingencies. The withdrawal request was therefore rejected and the application dismissed. en-us Mon, 31 May 2021 00:00:00 +0530 Mon, 04 Apr 2022 20:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301439 Withdrawal of CIRP under Section 12A of the Insolvency and Bankruptcy Code was refused despite CoC approval of a settlement, because the proposal had to comply with the Code's time-bound framework. Repeated postponements in issuing the invitation for expression of interest and publishing Form G were found to lack proper approval, and the settlement structure was treated as inconsistent with the prescribed CIRP timelines. The arrangement was also regarded as uncertain and dependent on future contingencies. The withdrawal request was therefore rejected and the application dismissed. Case-Laws Insolvency and Bankruptcy Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301439