AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Home / 
Resolution Professional's Authority Affirmed: NCLAT Dismisses Appeal on CIRP Withdrawal Under IBC Section 12A.
X X X X Extracts X X X X
X X X X Extracts X X X X
....The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT relied on the Supreme Court's judgment in GLAS Trust Company LLC, which held that after admission of CIRP, the proceedings become in rem, and the Resolution Professional must conduct them. The NCLAT found no error in the Adjudicating Authority's order permitting withdrawal of the Section 12A application after the claim of a creditor was admitted, necessitating reconstitution of the CoC. The appeal against the earlier order became infructuous due to the subsequent order.....