CIRP withdrawal without application filed by applicant who initiated CIRP not allowable: NCLAT Delhi

Vidyadhar Sarfare & Anr Vs CS Anagha Anasingharaju & Ors. (NCLAT Delhi) NCLAT Delhi held that the Application for withdrawal can be filed only by the Applicant who initiated the Corporate Insolvency Resolution Process [CIRP], hence, withdrawal under Section 12A is not permissible. Accordingly, application for withdrawal of CIRP application rejected. Facts- The Corporate Debtor – Sant Dyaneshwar Hospital Pvt. Ltd. was incorporated on 20.03.2003 by Respondent Nos.6 to 12. CD, which is a Hospital, became debt ridden Company, the erstwhile Directors entered into a Memorandum of Understan...