ABHISHEK SINGH vs HUHTAMAKI PPL LTD.

The Supreme Court examined the validity of the National Company Law Tribunal's order rejecting the appellant's application under section 12A of the Insolvency and Bankruptcy Code, 2016, which sought withdrawal from the Corporate Insolvency Resolution Process (CIRP). The Court considered whether the settlement agreement and payments made prior to the constitution of the Committee of Creditors could influence the tribunal's decision. The Court upheld the tribunal's order, emphasizing the importance of procedural compliance and the statutory framework of insolvency resolution. The judgment underscores the procedural safeguards in insolvency proceedings and the necessity of adhering to statutory provisions for withdrawal and settlement.