Appellant Seeks Withdrawal of Application Under IBC Section 12A; CoC to Evaluate Settlement Proposal Against Resolution Plans.

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....Seeking withdrawal of application u/s 12A of IBC - Commercial wisdom of COC - Appellant who was representing the Corporate Debtor and has submitted the Settlement Proposal is entitled to participate in deliberation and negotiation undertaken by the CoC. CoC can very well ask the Resolution Applicants to revise their plans similarly the Appellant can always be asked to revise his proposal to match the Resolution Applicants’ Offer. It goes without saying that ultimate decision is of the CoC. - AT....