An application filed before National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 can be withdrawn before admission but not after admission. Discuss.

The statement is not correct. Application can be withdrawn before or after admission. It is possible that the compromise formula may be evolved either before or after application is filed before National Company Law Tribunal (NCLT). Application can be withdrawn with the permission of adjudicating authority under Rule 8 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. According to Section 12A of Insolvency & Bankruptcy Code, 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.