(1) Subject to sub-section (2), the Adjudicating Authority may allow the withdrawal of the public announcement made under sub-section (4) of section 58B and close the creditor-initiated insolvency resolution process on an application made by the resolution professional with the approval of ninety per cent. voting share of the committee of creditors, in such manner as may be specified.
(2) Notwithstanding anything contained in any law for the time being in force, the public announcement made under sub-section (4) of section 58B shall not be withdrawn–
(a) before the constitution of the committee of creditors; and
(b) after the first invitation for submission of a resolution plan has been issued by the resolution professional.
(3) The Adjudicating Authority shall pass an order under sub-section (1), within a period of fourteen days from the date of receipt of the application:
Provided that if the Adjudicating Authority has not passed an order within such period, it shall record the reasons for such delay in writing.