Withdrawal of Insolvency Process Not Allowed After Liquidation Begins, Liquidator Not Obligated to Form SCC Pre-2022.

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....An application u/s 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP) cannot be filed after the commencement of liquidation proceedings. The statutory scheme delineated by Sections 12A and 33, and Regulation 2B of the Liquidation Regulations, prohibits an application u/s 12A during the liquidation period. The Adjudicating Authority correctly rejected the application filed by the appellant after more than three years from the commencement of liquidation, which was at the instance of the former director. Regarding the constitution of the Stakeholders' Consultation Committee (SCC) under Regulation 31A of the Liquidation Regulations, it is not mandatory for the Liquidator to cons.........