#CIRP withdrawal

The tribunal held that where the sole financial creditor is paid in full and the operational creditor accepts enhanced settlement, leaving only CIRP costs unresolved, withdrawal under Section 12A is permissible despite procedural non-compliance with Regulation 30A. The ruling prioritizes commercial resolution over technical defaults, allowing corporate debtors to exit insolvency once all substantive claims are satisfied.

Bombay HC rules that principles of natural justice in Corporate Insolvency Resolution Process (CIRP) withdrawal applications are satisfied by hearing the Interim Resolution Professional (IRP) and objecting financial creditors, excluding suspended directors or unrepresented creditors. The ruling clarifies the scope of audi alteram partem in IBC proceedings, impacting creditor participation rights.