https://www.taxtmi.com/caselaws?id=783780 Section 12A of the Insolvency and Bankruptcy Code applies only within the CIRP framework and permits withdrawal of applications under Sections 7, 9 and 10 with prescribed creditor approval. It does not extend to liquidation proceedings under Chapter III, which operate under a separate and exhaustive statutory regime. The later introduction of Regulation 2B for compromise or arrangement under Section 230 of the Companies Act further confirms that liquidation-stage exit must follow the mechanism expressly provided by law. Inherent powers or general procedural discretion cannot be used to create a withdrawal route where the Code does not provide one, so a withdrawal application after liquidation is not maintainable. en-us Wed, 17 Dec 2025 00:00:00 +0530 Tue, 23 Dec 2025 07:59:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783780 Section 12A of the Insolvency and Bankruptcy Code applies only within the CIRP framework and permits withdrawal of applications under Sections 7, 9 and 10 with prescribed creditor approval. It does not extend to liquidation proceedings under Chapter III, which operate under a separate and exhaustive statutory regime. The later introduction of Regulation 2B for compromise or arrangement under Section 230 of the Companies Act further confirms that liquidation-stage exit must follow the mechanism expressly provided by law. Inherent powers or general procedural discretion cannot be used to create a withdrawal route where the Code does not provide one, so a withdrawal application after liquidation is not maintainable. Case-Laws IBC Wed, 17 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783780