Resolution Professional Can Withdraw CIRP Against Debtor Using Rule 11 of NCLT Rules; Discretionary Power Affirmed.

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....Withdrawal of CIRP - Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate Debtor by invoking inherent powers under Rule 11 of NCLT Rules? - Regulation 30A of CIRP Regulations provides for withdrawal of a petition before the constitution of the Committee by the Applicant through the IRP as well as after constitution of the Committee by the Applicant, as per procedure stated therein. Thus, the power under the above is discretionary while considering the Application filed by IRP for withdrawal of the Company Petition. - Application allowed - Tri....