Perfect Polyesters Ltd. is undergoing Corporate Insolvency Resolution Process as per Insolvency and Bankruptcy Code, 2016. Committee of Creditors is constituted. In the meantime, a Corporate Debtor - Perfect Polyesters L

Prior to the amendment made in 2018 in the Insolvency and Bankruptcy Code, 2016, there was no provision for withdrawal of Corporate Insolvency Resolution Process (CIRP) once the Adjudicating Authority admits the application. Section 12A of the Code has been inserted as per Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 enabling the Adjudicating Authority to permit withdrawal if consented by ninety per cent voting share of Committee of Creditors. Procedure is to be followed in terms of Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Thereafter, the Corporate Debtor makes an application in Form FA to Resolution Professional and a Bank Guarantee for consideration by Committee of Creditors within 7 days and subsequently to Tribunal for approval.