Insolvency and Bankruptcy Code: Settlement of admitted Insolvency petition

Initially when the Insolvency and Bankruptcy Code (IBC) was introduced, there was no provision giving NCLT and NCLAT to allow parties to withdraw their insolvency petition which has been admitted. There was a case when NCLAT refused to exercise its inherent power under rule 1 of NCLAT rules, when the same plea was urged in […]