Withdrawal of application u/s. 12A of IBC before it is heard or allowed is permissible

Mehul Patel Vs Nandish S. Vin & Anr. (NCLAT Delhi) NCLAT Delhi held that withdrawal of application under section 12A of the Insolvency and Bankruptcy Code [IBC] much before application filed u/s. 12A could be heard or allowed in permissible. Facts- On an application filed by an Operational Creditor- Ispat Traders (India) Pvt. Ltd. u/s. 9 of the IBC. CIRP against the Corporate Debtor commenced vide order dated 09.04.2024. On 17.04.2024, Resolution Professional issued public announcement calling upon creditors to submit their claims. Three Unsecured Financial Creditors submitted their claims...