In April 2026, under the assented Insolvency and Bankruptcy Code amendment, when can an admitted corporate insolvency application first be withdrawn relative to formation of the committee of…
Question and options
In April 2026, under the assented Insolvency and Bankruptcy Code amendment, when can an admitted corporate insolvency application first be withdrawn relative to formation of the committee of creditors?
- Only before the committee has been constituted
- Only after the committee has been constituted
- Only before public announcement of insolvency
- Only after a liquidation order
Answer and explanation
Correct answer: B - Only after the committee has been constituted
The amendment received assent on 6 April 2026. Its withdrawal procedure requires the committee of creditors to have been constituted.
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