When the Insolvency and Bankruptcy Code, 2016 ("Code")
came into effect, it did not provide for withdrawal of an
application filed before the Adjudicating Authority. However, Rule
8 of the Insolvency and Bankruptcy (Application to Adjudicating
Authority) Rules, 2016 provided that the Adjudicating Authority may
permit withdrawal of the Application on a request made by the
Applicant before its admission.
Thereafter, vide The Insolvency and Bankruptcy Code
(Second Amendment) Act, 2018, Section 12A was added to the Code and
Regulation 30A was added to the Insolvency Resolution Process for
Corporate Persons Regulations, 2016.
Section 12A of the Code provides that the Adjudicating Authority
may allow the withdrawal of application admitted under section 7 or
section 9 or section 10, on an application made by the applicant
with the approval of ninety per cent voting share of the
committee of creditors. This however has to be read with
Regulation 30A which provides for an
