Case Law Analysis
|National Company Law Appellate Tribunal
Section 12A IBC | Procedural Non-Compliance Overridden to Permit CIRP Withdrawal After Full Creditor Settlement : NCLAT
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.