https://www.taxtmi.com/caselaws?id=784574 Whether CIRP should continue when the financial creditor sought withdrawal in view of a proposed revival package was the dominant issue. The NCLAT held that, since the State had decided to infuse funds for revival and the corporate debtor had submitted an OTS proposal, no useful purpose would be served by keeping the appeal pending; consequently, the creditor was granted liberty to initiate withdrawal under s.12A IBC by furnishing Form FA to the IRP, who was directed to move the withdrawal application within two weeks, and all action pursuant to the impugned order was stayed until the AA decided the s.12A application; the appeal was disposed of. en-us Fri, 11 Jul 2025 00:00:00 +0530 Thu, 08 Jan 2026 08:19:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784574 Whether CIRP should continue when the financial creditor sought withdrawal in view of a proposed revival package was the dominant issue. The NCLAT held that, since the State had decided to infuse funds for revival and the corporate debtor had submitted an OTS proposal, no useful purpose would be served by keeping the appeal pending; consequently, the creditor was granted liberty to initiate withdrawal under s.12A IBC by furnishing Form FA to the IRP, who was directed to move the withdrawal application within two weeks, and all action pursuant to the impugned order was stayed until the AA decided the s.12A application; the appeal was disposed of. Case-Laws IBC Fri, 11 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784574