The case involves an application filed by M/s. Intec Capital Ltd. to withdraw an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The applicant sought withdrawal before the application was admitted under Section 100 of IBC.
M/s. Intec Capital Ltd. filed an application under Section 95 of the IBC. Before the application could be admitted under Section 100 of the IBC, the applicant sought to withdraw it. The Resolution Professional (RP) had submitted a report, but the application had not yet been admitted. The applicant's counsel argued that Rule 11 of the IBBI Rules allows for withdrawal before admission. The court considered the applicant's request and the RP's no-objection certificate.
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The order was delivered…
The case involves an application filed by M/s. Intec Capital Ltd. to withdraw an application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The applicant sought withdrawal before the application was admitted under Section 100 of IBC.
M/s. Intec Capital Ltd. filed an application under Section 95 of the IBC. Before the application could be admitted under Section 100 of the IBC, the applicant sought to withdraw it. The Resolution Professional (RP) had submitted a report, but the application had not yet been admitted. The applicant's counsel argued that Rule 11 of the IBBI Rules allows for withdrawal before admission. The court considered the applicant's request and the RP's no-objection certificate.
The order was delivered…