Seeking withdrawal of main Insolvency and Bankruptcy Application ...

NCLT Denies Withdrawal of CIRP u/s 12A Due to Ambiguity in Business Restructuring Plan Settlement Terms.

February 2, 2022

Case Laws Insolvency and Bankruptcy AT

Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code without even getting a single sum from the promoter of the Corporate Debtor, in respect of the withdrawal of the CIRP pertaining to the Corporate Debtor. As a matter of fact, the Adjudicating Authority had in the impugned order had categorically observed that the ‘Settlement Proposal’ is not a Settlement Simpliciter but it is a business restructuring plan. - based on ambiguity of the terms of the settlement NCLT cannot order for withdrawal of CIRP - AT

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Seeking withdrawal of main Insolvency and Bankruptcy Application ...

NCLT Denies Withdrawal of CIRP u/s 12A Due to Ambiguity in Business Restructuring Plan Settlement Terms.

February 2, 2022

Case Laws Insolvency and Bankruptcy AT

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