https://www.taxtmi.com/caselaws?id=443104 The Tribunal upheld the impugned order allowing withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A. The decision was based on the approval of withdrawal in the Committee of Creditors meeting with 92% voting in favor, meeting the requirements of the I&B Code. The Tribunal found that legal procedures and principles of natural justice were followed, rejecting claims of non-adherence. The validity of claims and voting rights in the CoC were upheld, and the Tribunal affirmed its limited jurisdiction to interfere with CoC decisions, ultimately dismissing the appeal and closing the related stay application. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 15 Sep 2023 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443104 The Tribunal upheld the impugned order allowing withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A. The decision was based on the approval of withdrawal in the Committee of Creditors meeting with 92% voting in favor, meeting the requirements of the I&B Code. The Tribunal found that legal procedures and principles of natural justice were followed, rejecting claims of non-adherence. The validity of claims and voting rights in the CoC were upheld, and the Tribunal affirmed its limited jurisdiction to interfere with CoC decisions, ultimately dismissing the appeal and closing the related stay application. Case-Laws Insolvency and Bankruptcy Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443104