https://www.taxtmi.com/caselaws?id=450240 Withdrawal of a corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code is valid only if made by the original applicant in the manner prescribed by Regulation 30A and supported by the required creditor approval. A Form FA filed by a person other than the applicant who initiated the Section 9 proceeding is not a lawful basis for withdrawal. Where the committee record also shows objection to withdrawal, the defect is material and the withdrawal cannot stand. The stated principle is that the statutory procedure for withdrawal must be strictly followed by the initiating applicant. en-us Tue, 27 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450240 Withdrawal of a corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code is valid only if made by the original applicant in the manner prescribed by Regulation 30A and supported by the required creditor approval. A Form FA filed by a person other than the applicant who initiated the Section 9 proceeding is not a lawful basis for withdrawal. Where the committee record also shows objection to withdrawal, the defect is material and the withdrawal cannot stand. The stated principle is that the statutory procedure for withdrawal must be strictly followed by the initiating applicant. Case-Laws Insolvency and Bankruptcy Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450240