https://www.taxtmi.com/caselaws?id=427622 Where the Insolvency and Bankruptcy Code prescribes withdrawal of CIRP through Section 12A and Regulation 30-A, the Tribunal cannot bypass that mandatory procedure by directing the Resolution Professional to circulate an unapproved settlement proposal to the Committee of Creditors. The application was defective because it was not filed in Form FA, was not initiated by the party at whose instance CIRP had commenced, and lacked the requisite consent from a substantial voting block of home buyers. The request to place the settlement proposal for e-voting was therefore rejected, and the application was held not maintainable in the form presented. en-us Fri, 09 Sep 2022 00:00:00 +0530 Wed, 14 Sep 2022 09:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427622 Where the Insolvency and Bankruptcy Code prescribes withdrawal of CIRP through Section 12A and Regulation 30-A, the Tribunal cannot bypass that mandatory procedure by directing the Resolution Professional to circulate an unapproved settlement proposal to the Committee of Creditors. The application was defective because it was not filed in Form FA, was not initiated by the party at whose instance CIRP had commenced, and lacked the requisite consent from a substantial voting block of home buyers. The request to place the settlement proposal for e-voting was therefore rejected, and the application was held not maintainable in the form presented. Case-Laws Insolvency and Bankruptcy Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427622