https://www.taxtmi.com/caselaws?id=777113 Where withdrawal of CIRP is sought after constitution of the committee of creditors, strict compliance with Section 12A is mandatory, including the required approval threshold, and any material misstatement about the stage of proceedings amounts to suppression of material facts. Known homebuyers could not be excluded from participation where their allotment and payment records were already available in the debtor's records and the claim process was deficient, so they retained locus to challenge the withdrawal. The withdrawal order, having been obtained by fraud and suppression, was liable to recall in exercise of inherent jurisdiction, and the insolvency proceedings were restored for continuation before the Adjudicating Authority. en-us Wed, 20 Aug 2025 00:00:00 +0530 Mon, 25 Aug 2025 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777113 Where withdrawal of CIRP is sought after constitution of the committee of creditors, strict compliance with Section 12A is mandatory, including the required approval threshold, and any material misstatement about the stage of proceedings amounts to suppression of material facts. Known homebuyers could not be excluded from participation where their allotment and payment records were already available in the debtor's records and the claim process was deficient, so they retained locus to challenge the withdrawal. The withdrawal order, having been obtained by fraud and suppression, was liable to recall in exercise of inherent jurisdiction, and the insolvency proceedings were restored for continuation before the Adjudicating Authority. Case-Laws IBC Wed, 20 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777113