Mr. Krish, an operational creditor, filed an application with the Adjudicating Authority (NCLT, Delhi) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Master Mind Limited, and the application w

Section 12A of the Insolvency and Bankruptcy Code provides that the Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per cent voting share of the committee of creditors, in such manner as may be specified. Before admission of the application, however, the Adjudicating Authority may permit withdrawal of the application on the request of the applicant under rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Form FA given under Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is required to be filed for withdrawal of the CIRP. Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 provides that an application for withdrawal under section 12A may be made to the Adjudicating Authority - before the constitution of the committee, by the applicant through the interim resolution professional or after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professional, as the case may be. Provided that where the application is made under clause (b) after the issue of invitation for expression of interest under regulation 36A, the applicant shall state the reasons justifying withdrawal after issue of such invitation. Hence, Mr. Aditya cannot deny Mr. Krish for filing of withdrawal application only on the basis that committee of creditors has been constituted.