Sir my query is that ....As we know that once the COC has been formed, withdrawal is possible only if 90% votes are received for such. Now suppose that there's an OC who has made an application to AA for initiating CIRP against corporate debtor, Now once the application is admitted by AA, COC will be formed which consist of only FCs Now suppose the oC who has made application for initiating CIRP wants to withdraw application..How can he withdraw once the Coc is formed?? Because from now all the decisions will be taken by coc And oc is not the part of it . How OC will withdraw now ?

After the formation of the CoC, the OC cannot independently withdraw their application. They must follow the process under Section 12A by requesting the CoC to approve the withdrawal, and the withdrawal can only happen if 90% of the CoC members approve it.

Answer given by Shubhamm Sir at 28-Sep-2024 06:05 PM

Rishita Alani ( Kanpur )

Section 12A of IBC 2016