https://www.taxtmi.com/caselaws?id=763667 NCLAT dismissed an appeal challenging a Resolution Professional's authority to withdraw an insolvency petition under Section 12A of IBC. The court held that following SC precedent in GLAS Trust Company LLC, after CIRP admission, proceedings become in rem and the Resolution Professional has jurisdiction to conduct all proceedings including withdrawal applications. The withdrawal was justified as a subsequent creditor's claim was admitted after the withdrawal application, requiring CoC reconstitution. The Adjudicating Authority's order permitting withdrawal was upheld as legally sound, making the appeal infructuous. en-us Mon, 23 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763667 NCLAT dismissed an appeal challenging a Resolution Professional's authority to withdraw an insolvency petition under Section 12A of IBC. The court held that following SC precedent in GLAS Trust Company LLC, after CIRP admission, proceedings become in rem and the Resolution Professional has jurisdiction to conduct all proceedings including withdrawal applications. The withdrawal was justified as a subsequent creditor's claim was admitted after the withdrawal application, requiring CoC reconstitution. The Adjudicating Authority's order permitting withdrawal was upheld as legally sound, making the appeal infructuous. Case-Laws IBC Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763667