In a notable order passed recently, the Supreme Court permitted the withdrawal of Corporate Insolvency Resolution Process(CIRP) even after the Resolution Professional issued invitation for expression of interest from resolution applicants to submit resolution plans under Regulation 36A of CIRP Regulations 2016.
As per Regulation 30A, withdrawal of insolvency application has to be sought before the issue of invitation for expression of interest under Regulation 36A.
This case Brilliant Alloys Pvt Ltd v S Rajagopal, arose out of proceedings in NCLT Chennai bench. In the CIRP before Chennai bench, the corporate debtor, financial creditor and the operational creditor entered into a settlement. Based on the settlement, the corporate debtor subm…
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