https://www.taxtmi.com/caselaws?id=760227 An insolvency withdrawal order obtained under Section 12A of the Insolvency and Bankruptcy Code on an incorrect statement that no claim had been received could not stand where the Financial Creditor had in fact filed its claim within time. The erroneous representation to the Adjudicating Authority led to prejudice against the creditor, and that prejudice was not cured by later dismissal of the revival application. The NCLAT held that a withdrawal order based on a materially misleading factual foundation is open to correction, and revival of the corporate insolvency resolution process was justified. en-us Thu, 04 Apr 2024 00:00:00 +0530 Fri, 18 Oct 2024 09:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760227 An insolvency withdrawal order obtained under Section 12A of the Insolvency and Bankruptcy Code on an incorrect statement that no claim had been received could not stand where the Financial Creditor had in fact filed its claim within time. The erroneous representation to the Adjudicating Authority led to prejudice against the creditor, and that prejudice was not cured by later dismissal of the revival application. The NCLAT held that a withdrawal order based on a materially misleading factual foundation is open to correction, and revival of the corporate insolvency resolution process was justified. Case-Laws IBC Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760227