Permission to withdraw application filed u/s 9 of the Insolvency ...

Applicant can't withdraw insolvency petition u/s 9 at any stage & file afresh as a matter of right. Adjudicating authority rightly denied liberty.

Case Laws Insolvency and Bankruptcy

August 16, 2024

Permission to withdraw application filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 was denied, and the Appellant challenged the order contending error in not granting liberty to file a fresh application. It was held that in IBC proceedings, the Applicant is not entitled to withdraw the application filed u/s 9 at any stage and pray for liberty to file afresh as a matter of right. The Adjudicating Authority had permitted withdrawal but denied liberty to file fresh application, as an objection was raised by the Corporate Debtor alleging false evidence pertaining to Demand Notice. The Appellate Tribunal found no error committed by the Adjudicating Authority in denying liberty to file fresh application, although imposition of cost was unnecessary. The appeal was dismissed.

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Permission to withdraw application filed u/s 9 of the Insolvency ...

Applicant can't withdraw insolvency petition u/s 9 at any stage & file afresh as a matter of right. Adjudicating authority rightly denied liberty.

Case Laws Insolvency and Bankruptcy

August 16, 2024

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