Section 12A IBC: Withdrawal of Insolvency Application Allowed with 90% Creditor Approval After CIRP Initiation.

Application for withdrawal of IBC - Section 12A of I&B Code - Once the CIRP proceedings initiated and the Committee of Creditors constituted, the Adjudicating Authority under Section 12-A of the Code, may allow withdrawal of application made by the Applicant i.e. IRP/RP where the Committee of Creditors approves with 90% voting share. - AT .....

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