https://www.taxtmi.com/caselaws?id=759864 NCLAT dismissed appeal challenging rejection of Section 12A withdrawal application filed during liquidation proceedings. The appellant sought withdrawal of CIRP after liquidation commenced on 12.09.2017, filing application over three years later. NCLAT held that Section 12A applications are not permissible during liquidation period under statutory scheme of IBC. Court found former director's involvement in application and previous rejected challenges to liquidation order. Regarding SCC constitution under Regulation 31A (effective 25.07.2019), NCLAT ruled no obligation existed for liquidations commenced before the regulation's insertion, as statute cannot contemplate impossible acts. Adjudicating authority's rejection was upheld with no errors found. en-us Thu, 29 Aug 2024 00:00:00 +0530 Wed, 09 Oct 2024 11:32:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759864 NCLAT dismissed appeal challenging rejection of Section 12A withdrawal application filed during liquidation proceedings. The appellant sought withdrawal of CIRP after liquidation commenced on 12.09.2017, filing application over three years later. NCLAT held that Section 12A applications are not permissible during liquidation period under statutory scheme of IBC. Court found former director's involvement in application and previous rejected challenges to liquidation order. Regarding SCC constitution under Regulation 31A (effective 25.07.2019), NCLAT ruled no obligation existed for liquidations commenced before the regulation's insertion, as statute cannot contemplate impossible acts. Adjudicating authority's rejection was upheld with no errors found. Case-Laws IBC Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759864