No Straight Jacket Formula Can Be Laid Down For Adjudication Of Application U/S 12 Of IBC & Objections Therein: NCLAT

The NCLAT ruled that other stakeholders can file objections to a withdrawal application filed under Section 12A of the IBC, even before the constitution of the Committee of Creditors. This decision expands the scope of who can participate in withdrawal proceedings. The ruling ensures that all relevant parties have an opportunity to voice their concerns. The judgment clarifies the procedural aspects of withdrawal applications under the IBC.