2019 (4) TMI 1952 - AT - IBC

Permission for withdrawal of appeal - HELD THAT - In view of the order passed by the Hon ble Supreme Court in RELIANCE COMMUNICATIONS LIMITED ORS. VERSUS STATE BANK OF INDIA ORS. 2019 (4) TMI 1746 - SUPREME COURT as nothing subsist in these appeals, the Appellants are allowed to withdraw all these appeals. All the Interim Orders passed in these appeals are vacated.

Summary

Issues:
Withdrawal of appeals based on Supreme Court order

Analysis:
The judgment delivered by the National Company Law Appellate Tribunal, New Delhi involved the issue of withdrawal of appeals in light of an order passed by the Hon'ble Supreme Court on 24th April, 2019 in Writ Petition (Civil) No. 845 of 2018. The Appellant sought permission to withdraw all appeals, which was not objected to by the Respondents. The Tribunal, after hearing both parties and considering the Supreme Court order, allowed the withdrawal of all appeals. Consequently, all interim orders passed in these appeals were vacated, and the matter was directed to be proceeded with by the Adjudicating Authority (National Company Law Tribunal) in accordance with the law.

The Tribunal further directed the parties to bring the order to the notice of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, for fixing the case 'for orders' on 7th May, 2019, requiring the parties' appearance on that date. Finally, all the appeals, along with applications and interlocutory applications, were disposed of with the aforementioned observations. The judgment provided a clear and concise resolution to the issue of withdrawal of appeals in light of the Supreme Court order, ensuring compliance with legal procedures and directing further action by the Adjudicating Authority.