https://www.taxtmi.com/caselaws?id=764929 The Tribunal allowed the withdrawal of insolvency proceedings under Section 12A of the IBC following the acceptance of a One-Time Settlement (OTS) by Indian Bank, contingent on addressing CIRP costs. It permitted Union Bank of India and Bank of Baroda to intervene due to their status as Financial Creditors. The Tribunal directed the filing of a Section 12A application through the Interim Resolution Professional, ensuring compliance with statutory requirements and protecting the rights of other creditors. CIRP costs were mandated to be included in the withdrawal application, ensuring adherence to Regulation 30A. en-us Thu, 09 Jan 2025 00:00:00 +0530 Tue, 21 Jan 2025 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764929 The Tribunal allowed the withdrawal of insolvency proceedings under Section 12A of the IBC following the acceptance of a One-Time Settlement (OTS) by Indian Bank, contingent on addressing CIRP costs. It permitted Union Bank of India and Bank of Baroda to intervene due to their status as Financial Creditors. The Tribunal directed the filing of a Section 12A application through the Interim Resolution Professional, ensuring compliance with statutory requirements and protecting the rights of other creditors. CIRP costs were mandated to be included in the withdrawal application, ensuring adherence to Regulation 30A. Case-Laws IBC Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764929