Just a moment...

Top
Help
×

By creating an account you can:

Logo TaxTMI
>
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Withdrawal of CIRP through IRP must follow IBC procedure; natural justice does not bypass the statutory appeal remedy.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Withdrawal of CIRP before constitution of the CoC had to follow the IBC framework under section 12A and Regulation 30A, with the application made through the IRP and the corporate debtor represented by the IRP after admission of the section 7 petition. The Court noted that notice to the IRP and hearing of the IRP and objecting banks satisfied natural justice, and that the phrase "any person aggrieved" did not expand the class of persons entitled to a separate hearing at the withdrawal stage. It distinguished broader reliance on Glas Trust and found no exceptional breach of natural justice to justify writ intervention, leaving the petitioners to their statutory appeal remedy under the IBC.....