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IBC - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Withdrawal from CIRP on the ground that the Applicant is in the ...

Insolvency and Bankruptcy

February 23, 2021

Withdrawal from CIRP on the ground that the Applicant is in the process of re-structuring the debt of the Corporate Debtor - As a matter of fact, in this case no application for withdrawal of CIRP has ever been filed by the Interim Resolution Professional before the Adjudicating Authority, rather this IA has been filed by the assignee of financial creditor. As is evident from the records, since CoC has already been constituted in this case, any application for withdrawal of CIRP has to comply with regulation 30A (1) (b) of CIRP regulations read with Section 12 A of IBC-2016. - Tri

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