withdraw of insolvency petition

Dear Querist, When the Insolvency and Bankruptcy Code ("Code") was enacted and came into force in the year 2016, the Code did not envisage withdrawal of an insolvency application once such an application for initiating the corporate insolvency resolution process ("CIRP") of the corporate debtor is admitted. At that time, the application for initiating CIRP could be withdrawn only before its admission under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. However, new Section 12A, allowing withdrawal of the admitted applications having initiated CIRP of the corporate debtor with the approval of 90% of the voting share of the committee of creditors ("CoC"), was inserted in the Code by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 effective from 6 June 2018. Although Section 12A doesn't stipulate any time period as to when an application for withdrawal of any insolvency petition can be made after its admission, Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 stipulates that such an application for withdrawal shall be made to the resolution professional before the invitation for expression of interest is issued. Regards, Palak