Introduction

In a recent case, the National Company Law Appellate Tribunal (“NCLAT”) permitted exit or withdrawal from Corporate Insolvency Resolution Process ("CIRP") after Interim Resolution Professional ("IRP") was appointed and moratorium was imposed in the case. The said order by NCLAT acted as a relief to corporate debtors, as it has paved way for out of Court settlement between the disputed parties. The said order was passed by NCLAT in the case of Vivek Bansal vs Burda Druck India Pvt. Ltd.

The Insolvency and Bankruptcy Code, 2016