Section 12A of IBC : Section 12A: Withdrawal Of Application Admitted Under Section 7, 9 Or 10
IBC
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Explanation using Example
Imagine a company, XYZ Pvt. Ltd., is facing financial difficulties and is unable to repay its debts. One of its creditors, ABC Bank, files an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and the application is admitted by the National Company Law Tribunal (NCLT), triggering the corporate insolvency resolution process (CIRP).
During the CIRP, XYZ Pvt. Ltd. manages to negotiate a settlement with ABC Bank and the other ...
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