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

CS Professional · Insolvency - Law and Practice · PYQS · June 2024
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 was accepted. On 10th July 2023, NCLT Delhi appointed Mr. Aditya to act as an Interim Resolution Professional of M Limited. After the appointment, Mr. Aditya issued the public announcement on 12th July 2023, of the initiation of CIRP process and called for the submission of claims. On 20th July 2023, the Committee of Creditors was constituted by Mr. Aditya. Thereafter, Mr. Krish wants to withdraw his application under Section 12A of the Insolvency and Bankruptcy Code, 2016. However, Mr. Aditya denied filing a withdrawal application stating that the Committee of Creditors has already been constituted. Referring to the provisions of the Insolvency and Bankruptcy Code, 2016, answer the following with reference to the above facts: Who is the authority to pass the final order of withdrawal application ?

Answer & Explanation:

The final approval of withdrawal of CIRP Application under section 12A of the Insolvency and Bankruptcy Code, 2016 read with regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is approved by way of an order passed by the Adjudicating Authority and in the present case, by NCLT, Delhi.

Topics: Corporate Insolvency Resolution Process (CIRP)

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