New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

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    7 or section 9 or section 10 may be withdrawn on an application made by the applicant with the approval of ninety per cent voting share of the committee of creditor, if allowed by ____________________as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

    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.

    Practice Next