Rajat Pachory & Nikita Barreto, B.A.LLB (Hons.), School of Law, Christ (Deemed to be University), School of Law, Christ University, Bengaluru
ABSTRACT
The Insolvency and Bankruptcy Code, 2016, which among other things allows for corporate debtor insolvency, aims to codify and reform the law relating to insolvency into a single piece of legislation. A corporate debtor's bankruptcy may be started under the provisions of sections 7, 9, and 10 of the IBC. If certain requirements are met, the applicant may also withdraw the application at either the pre-admission stage or after admission.
The article will examine the law governing withdrawal applications under the IBC, as well as the applicable rules and regulations thereunder, and will explain any most recent revisions made as well as court rulings on the subject. The essay will also examine the withdrawal application law as it stood prior to and following the 2021 IBC amendment, emphasise the necessity of the amendment, examine the relationship between sections 12A and 29A of the IBC, and finally offer the researcher's perspective in its conclusion.
