2023 (5) TMI 529 - AT - Insolvency & Bankruptcy

Rejection of application for withdrawal of application (for closing the CIRP under 12A of IBC) - HELD THAT:- Present is the case where CoC has already been constituted and the Resolution Plan were under consideration by the CoC. The application filed by the Appellant cannot be treated to be an application for settlement u/s 12A - Any proposal for re-structuring cannot be treated to be the proposal u/s 12A, hence, we do not find any error in rejecting the application filed by the Appellant. Moreover, there is no consent by 90% of CoC in favour of 12A proposal of the Appellant.

There are no error in the order of the Adjudicating Authority, the appeal is dismissed.