Case Law Details
IBC is not a Recovery Law, it is Revival Law
SHORT SUMMARY
In this Flash editorial, the author begins by referring the provisions of rules 44(2) of IBC in relation to Withdrawal of Application – Once Admitted. Since the code come into effect from December 2016 all the applicants/ creditors have begun to file applications under the Code. Since date approx. 80 applications has been admitted. In some situations after admission of application Corporate Debtor settled the claim of Creditor. Then the question arises whether Petition under IBC 2016 can be withdrawn by mutual settlement. The main thrust of the article, however, is upon the “Whether an application can be withdrawn after mutual settlement between the Corporate Debtor and Creditor.”
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Author Bio
Thank you sir this was the question asked in yesterday’s ca final law examination
And I was able to answer it correctly