IBC - Seeking withdrawal of CIRP under section 12A of Insolvency and...

Insolvency and Bankruptcy

Seeking withdrawal of CIRP under section 12A of Insolvency and Bankruptcy Code, 2016 - Regulation 30A of IBBI Regulations provide a complete mechanism for dealing with the applications filed under such provision. The issue raised by the IRP regarding its claim for expenses is well taken care of under the said provision. Various safeguards have been provided in Regulation 30A of IBBI Regulations to be fulfilled by the OC which apparently have been fulfilled as there is no complaint in that regard either by the IRP nor it is apparent from the impugned order of the NCLT. Thus, the objection raised by the IRP does not merit any consideration in this appeal. - SC

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