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Question

The withdrawal of the application admitted under section 7 or section 9 or section 10 may be withdrawn on an application made by the applicant with the approval of ninety per cent voting share of the committee of creditor, if allowed by ____________________as per IBC.

A Central Government Correct Answer Incorrect Answer
B Adjudicating Authority Correct Answer Incorrect Answer
C Committee of creditors Correct Answer Incorrect Answer
D Insolvency and Bankruptcy Board of India Correct Answer Incorrect Answer
E Either b or d Correct Answer Incorrect Answer

Solution

Section 12-Time-limit for completion of insolvency resolution process: Section 12A. Withdrawal of application admitted under section 7, 9 or 10: 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, in such manner as may be prescribed.

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