liquidation

Promoters still in doubt how to file settlement proposal during Liquidation Process: Issue: whether the withdrawal of application filed by the Applicant under section 7, 9 and 10 of IB Code can be permitted by the NCLT post liquidation order passed under section 33 of IB Code. OR, can promoter be entitled to propose a scheme of arrangement after passing Liquidation Order under Section 33 of IB Code? Earlier, as per Rule 8 of Insolvency and Bankruptcy (Application to Adjudicating Authority)..