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Withdrawal of Application

ResolutionBazaar

Administrator
Previously, the unamended CIRP Regulations provided that an application admitted for initiation of insolvency resolution process could only be withdrawn before the issuance of an invitation for expression of interest from the prospective resolution applicants. Additionally, the application could have been withdrawn only if approval of at least 90% (voting share) of the Committee of Creditors ("CoC") was obtained.

With the notification of the amendment to the CIRP Regulations, the application can be withdrawn even after the issuance of an invitation for expression of interest or before the constitution of the CoC. The approval from the CoC would only be required in cases where the CoC has been constituted.
 
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