Withdrawal of CIRP application allowed post-admission if approved by the committee of creditors and placed before the adjudicating authority.
Withdrawal of a CIRP application after admission is statutorily permitted where a withdrawal proposal is approved by the Committee of Creditors and then placed before the Adjudicating Authority, while applications filed prior to constitution of the CoC are presented by the Interim Resolution Professional and may be considered without CoC approval. The regulatory framework also allows exceptional consideration of withdrawal after issuance of Form G or even at liquidation, subject to creditor approval and the Adjudicating Authority's discretion, with deference to the CoC's commercial judgment. (AI Summary)