https://www.taxtmi.com/caselaws?id=309015 The Tribunal held that the resolution professional lacks the authority to unilaterally file a withdrawal application under Section 12A of the I&B Code. Only the applicant who originally submitted the application under Section 7 or 9 can seek withdrawal. Despite Regulation 30A providing a withdrawal procedure for resolution professionals, it does not override the explicit provisions of Section 12A. The judgment emphasizes adherence to statutory provisions, directing the case to proceed in line with Section 12A and underscoring the applicant's exclusive right to seek withdrawal before the Adjudicating Authority. en-us Tue, 13 Nov 2018 00:00:00 +0530 Mon, 07 Aug 2023 21:34:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309015 The Tribunal held that the resolution professional lacks the authority to unilaterally file a withdrawal application under Section 12A of the I&B Code. Only the applicant who originally submitted the application under Section 7 or 9 can seek withdrawal. Despite Regulation 30A providing a withdrawal procedure for resolution professionals, it does not override the explicit provisions of Section 12A. The judgment emphasizes adherence to statutory provisions, directing the case to proceed in line with Section 12A and underscoring the applicant's exclusive right to seek withdrawal before the Adjudicating Authority. Case-Laws Insolvency and Bankruptcy Tue, 13 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309015