https://www.taxtmi.com/article/detailed?id=10725 Withdrawal after admission under Section 7 is governed by Section 12A and Rule 30A, permitting the Adjudicating Authority to approve withdrawal with prescribed procedures and committee approval where required; the authority may record a liberty to restore the petition if settlement terms are not met. When a debtor offers to pay outstanding dues within an ordered timeframe, the Adjudicating Authority may require deposit into the creditor's account and refrain from admitting insolvency so long as payment is made, while preserving the creditor's right to revive the application on non performance. en-us Thu, 29 Sep 2022 09:45:26 +0530 Thu, 29 Sep 2022 09:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10725 Withdrawal after admission under Section 7 is governed by Section 12A and Rule 30A, permitting the Adjudicating Authority to approve withdrawal with prescribed procedures and committee approval where required; the authority may record a liberty to restore the petition if settlement terms are not met. When a debtor offers to pay outstanding dues within an ordered timeframe, the Adjudicating Authority may require deposit into the creditor's account and refrain from admitting insolvency so long as payment is made, while preserving the creditor's right to revive the application on non performance. Articles Corporate Laws / IBC / SEBI Thu, 29 Sep 2022 09:45:26 +0530 https://www.taxtmi.com/article/detailed?id=10725