https://www.taxtmi.com/caselaws?id=791562 Once liquidation of a corporate debtor has commenced, withdrawal under section 12A of the Insolvency and Bankruptcy Code is not available, and any settlement must proceed through a scheme under section 230 of the Companies Act, 2013 read with regulation 2B of the Liquidation Process Regulations. An application to keep liquidation in abeyance was found to lack sustainable grounds, and the tribunal's decision was upheld because Rule 48 of the NCLT Rules permits dismissal for default or decision on merits. en-us Mon, 11 May 2026 00:00:00 +0530 Wed, 13 May 2026 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791562 Once liquidation of a corporate debtor has commenced, withdrawal under section 12A of the Insolvency and Bankruptcy Code is not available, and any settlement must proceed through a scheme under section 230 of the Companies Act, 2013 read with regulation 2B of the Liquidation Process Regulations. An application to keep liquidation in abeyance was found to lack sustainable grounds, and the tribunal's decision was upheld because Rule 48 of the NCLT Rules permits dismissal for default or decision on merits. Case-Laws IBC Mon, 11 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791562