Supreme Court holds that an application for withdrawal of corporate insolvency resolution process under IBC can be allowed even prior to the constitution of the committee of creditors
A two-judge bench of the Supreme Court of India in its recent judgment has inter alia held that an application for withdrawal of the corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code, 2016 can be allowed by the adjudicating authority even before the constitution of the committee of creditors in terms of Regulation 30A of the IBBI Regulation (Insolvency Resolution Process for Corporate Persons), 2018.
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