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Press Release

IBBI Press Release, dt. 8-5-2019

Discussion Paper on Corporate Insolvency Resolution Process Along With Draft Regulations

This discussion paper assimilates the suggestions received on public portal, suggestions by mail /letters, suggestions received in round tables and the emerging jurisprudence.

Withdrawal under section 12A

2. Section 12A of the Code provides that the Adjudicating Authority may allow the withdrawal of application admitted under section 7, 9 or 10 of the Code, on an application made by the applicant with the approval of 90% voting share of the committee of creditors. Regulation 30A(1) of the CIRP Regulations requires that an application for withdrawal under section 12A shall be submitted to the Interim Resolution Professional (IRP) or Resolution Professional (RP), as the case may be, in Form FA of the Schedule to the said Regulations, before issue of expression of interest (EoI) under regulation 36A. Form FA provides for filing of application to the Adjudicating Authority (AA) for withdrawal of corporate insolvency resolution process (CIRP) through the IRP or RP, by an applicant who triggered CIRP.

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