https://www.taxtmi.com/highlights?id=74461 Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT en-us Tue, 30 Jan 2024 08:50:44 +0530 Tue, 30 Jan 2024 08:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74461 Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT Highlights Insolvency and Bankruptcy Tue, 30 Jan 2024 08:50:44 +0530 https://www.taxtmi.com/highlights?id=74461