https://www.taxtmi.com/caselaws?id=425569 Withdrawal of a section 9 insolvency application after full settlement, where Form FA was filed before constitution of the Committee of Creditors, had to be processed under section 12A of the Insolvency and Bankruptcy Code read with Regulation 30A. The interim resolution professional was required to act within the prescribed withdrawal mechanism, and proceeding with constitution of the Committee of Creditors after settlement was inconsistent with the statutory scheme. Continuing business dealings and compliance directions concerning the underlying project were noted as relevant circumstances. The admission order could not be sustained, and the insolvency proceedings were set aside. en-us Mon, 25 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425569 Withdrawal of a section 9 insolvency application after full settlement, where Form FA was filed before constitution of the Committee of Creditors, had to be processed under section 12A of the Insolvency and Bankruptcy Code read with Regulation 30A. The interim resolution professional was required to act within the prescribed withdrawal mechanism, and proceeding with constitution of the Committee of Creditors after settlement was inconsistent with the statutory scheme. Continuing business dealings and compliance directions concerning the underlying project were noted as relevant circumstances. The admission order could not be sustained, and the insolvency proceedings were set aside. Case-Laws Insolvency and Bankruptcy Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425569