2020 (8) TMI 840 - AT - Insolvency and Bankruptcy

Permission for withdrawal of appeal - application under Section 31 filed by the Resolution Professional for approval of the Resolution Plan is pending consideration before the learned Adjudicating Authority - HELD THAT - The application under Section 31 filed by the Resolution Professional for approval of the Resolution Plan is pending consideration before the learned Adjudicating Authority. Since the decision is yet to be arrived at by the Adjudicating Authority with regard to the Resolution Plan approved by the Committee of Creditors, this appeal is premature. The Appeal is accordingly dismissed as withdrawn - The Adjudicating Authority will provide an opportunity of hearing to the Appellant before taking a decision in regard to approval or otherwise of the Resolution Plan.

Summary

The National Company Law Appellate Tribunal dismissed the appeal as premature since the Resolution Plan approval is pending with the Adjudicating Authority. The Appellant withdrew the appeal, and the Adjudicating Authority will provide an opportunity for a hearing before deciding on the Resolution Plan. The Adjudicating Authority is expected to prioritize and dispose of the matter promptly.