The National Company Law Tribunal, New Delhi, has held that unconditional consent by the sole financial creditor is sufficient for withdrawal of Corporate Insolvency Resolution Process (“CIRP”) regulations.
The instant interlocutory application was filed by Mrs. Neha Bhasin; the Resolution Professional of M/s. Victory Electric Vehicles International Limited (“Corporate Debtor”) under section 12A of the Insolvency and Bankruptcy Code, 2016 (”IBC”) read with Regulation 30A of the Insolvency and Bankruptcy Board of India Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) seeking withdrawal of the Corporate Insolvency Resolution Process (“CIRP”) initiated against the Corporate…