Withdrawal of CIRP under Section 12A IBC depends on application date and CoC constitution timing

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....The NCLAT held that an application for withdrawal of CIRP under Section 12A of the IBC must be considered as filed on the actual date of submission of the application under Regulation 30A, which distinguishes between filing before and after the constitution of the CoC. Where the application is filed before the CoC's constitution, approval by 90% of the CoC voting share is not required. However, if filed post-constitution, Section 12A's approval mandate applies in full. The appellant's argument relying solely on a Supreme Court observation was rejected, as the CoC had been constituted prior to the application's filing date. The appellant's failure to challenge the IRP's conduct via a miscellaneous application was noted. Consequently, the appeals lacked merit and were dismissed.....