Withdrawal of Application under section 12A of IBC & implications: A Review Study

Withdrawal of Application under section 12A of IBC & implications: A Review Study

Mrs. C Latha, Mrs. Anitha, Dr.S.Pardhasaradhi

Mrs. C Latha -Research Scholar- GITAM School of Business – Hyderabad, Assistant professor, Department of Business management, St. Pious X P.G (MBA) College for women, affiliated to Osmania University- Hyderabad

Mrs. Anitha -Research Scholar- GITAM School of Business – Hyderabad, Assistant professor, Department of Business management, St. Pious X P.G (MBA) College for women, affiliated to Osmania University- Hyderabad

Dr.S.Pardhasaradhi St. Pious X PG (MBA) College for Women, Professor of Business Management & Dean, Research Affiliated to Osmania University-Hyderabad Department & College

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Abstract

Application admitted under Insolvency and Bankruptcy Code, 2016 (IBC)1 vide section 7,9 or 10 of IBCcould be withdrawn under section 12A of IBC with the approval of ninety per cent voting share of the Committee of Creditors subject to the situations provided under the code. In terms of Regulation 30A of CIRP Regulations, an application for withdrawal under section 12A can be made to the Adjudicating Authority. The procedure for withdrawal of application prior to the constitution of the CoC and after the constitution of the CoC is provided in the code and its regulations. In the present paper the judicial pronouncements are reviewed to trace the several verdicts of Adjudicating Authorities and their observations.

Key Words:  IBC, COC, CIRP,AA, sec 12A,12C