https://www.taxtmi.com/caselaws?id=794217 Under the Insolvency and Bankruptcy Code, admission of CIRP under Section 7 rests on proof of debt and default, but post-admission termination or withdrawal is governed by Section 12A read with Regulation 30. The note says that where the corporate debtor has only one creditor and the entire admitted debt is offered for repayment during CIRP, the Tribunal may intervene to prevent abuse of the insolvency process. Refusal by the sole creditor to accept a genuine settlement, especially before third-party interests arise, need not prevent termination where continuation would defeat the Code's revival-oriented purpose. en-us Tue, 30 Jun 2026 00:00:00 +0530 Thu, 02 Jul 2026 08:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794217 Under the Insolvency and Bankruptcy Code, admission of CIRP under Section 7 rests on proof of debt and default, but post-admission termination or withdrawal is governed by Section 12A read with Regulation 30. The note says that where the corporate debtor has only one creditor and the entire admitted debt is offered for repayment during CIRP, the Tribunal may intervene to prevent abuse of the insolvency process. Refusal by the sole creditor to accept a genuine settlement, especially before third-party interests arise, need not prevent termination where continuation would defeat the Code's revival-oriented purpose. Case-Laws IBC Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794217