Section 12A of IBC would be applicable when admission for insolvency resolution application has been admitted by the Adjudicating Authority and there is no challenge to the admission of the application- Praveen Arjun Patel Vs. JK Lakshmi Cement Ltd.- NCLAT
Section 12A of IBC would be applicable when admission for insolvency resolution application has been admitted by the Adjudicating Authority and there is no challenge to the admission of the application. Subsequently the Adjudicating Authority may allow the withdrawal of application in terms of Section 12A and obviously the admitted application for withdrawal will have to meet the criteria as specified in the said Section.