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Home Highlights February 2022 Year 2022 This

Withdrawal of CIRP - Whether the Resolution Professional can be ...

Insolvency and Bankruptcy

February 1, 2022

Withdrawal of CIRP - Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate Debtor by invoking inherent powers under Rule 11 of NCLT Rules? - Regulation 30A of CIRP Regulations provides for withdrawal of a petition before the constitution of the Committee by the Applicant through the IRP as well as after constitution of the Committee by the Applicant, as per procedure stated therein. Thus, the power under the above is discretionary while considering the Application filed by IRP for withdrawal of the Company Petition. - Application allowed - Tri

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