Memorandum Of Family Settlement Did Not Require Registration: Delhi High Court Dismisses Appeal U/S 34 Of Arbitration Act

The NCLAT ruled that the withdrawal of a CIRP (Corporate Insolvency Resolution Process) application cannot be allowed once filed, emphasizing the procedural integrity of insolvency proceedings. The case involved an attempt to withdraw an application filed under Section 7 of the IBC, which was denied by the tribunal. The ruling underscores the importance of maintaining the integrity and purpose of insolvency proceedings and ensures that once a formal application is made, it cannot be retracted unless specific legal conditions are met.