Supreme Court Allows Withdrawal of Insolvency Application Before Committee of Creditors Constitution Based on Settlement. Section 12A of Insolvency and Bankruptcy Code, 2016 Permits Withdrawal by Applicant Before CoC Formation, and Inherent Powers Under Rule 11 of NCLT Rules, 2016 Can Be Exercised for Ends of Justice to Facilitate Settlement.
22 Sep 2022The appeal arose from an interim order of the National Company Law Appellate Tribunal (NCLAT) in an insolvency matter. The appellant, an erstwhile dir...
