https://www.taxtmi.com/caselaws?id=788784 Once a section 7 insolvency petition is admitted, the proceeding is in rem and control of the corporate debtor vests in the interim resolution professional, so a withdrawal application under section 12-A read with Regulation 30-A must be routed through that mechanism. The financial creditors opposing withdrawal were heard by the adjudicating authority, and the suspended management had no independent right to bypass the statutory framework. The record also showed authorisation for the interim resolution professional to move the withdrawal request. In these circumstances, the availability of an alternate statutory appeal and the constitution of the committee of creditors supported judicial restraint, and writ interference on natural justice grounds was not warranted. en-us Thu, 26 Mar 2026 00:00:00 +0530 Sat, 28 Mar 2026 08:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788784 Once a section 7 insolvency petition is admitted, the proceeding is in rem and control of the corporate debtor vests in the interim resolution professional, so a withdrawal application under section 12-A read with Regulation 30-A must be routed through that mechanism. The financial creditors opposing withdrawal were heard by the adjudicating authority, and the suspended management had no independent right to bypass the statutory framework. The record also showed authorisation for the interim resolution professional to move the withdrawal request. In these circumstances, the availability of an alternate statutory appeal and the constitution of the committee of creditors supported judicial restraint, and writ interference on natural justice grounds was not warranted. Case-Laws IBC Thu, 26 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788784