2020 (11) TMI 974 - AT - Insolvency and Bankruptcy

Permission for withdrawal of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditor - existence of default or not - HELD THAT - The Adjudicating Authority has, overlooked the mandate of law while deciding the maintainability of application on the basis of the objection raised by the Corporate Debtor. The appeal is accordingly dismissed as withdrawn.

Summary

The National Company Law Appellate Tribunal dismissed the appeal as withdrawn. The Adjudicating Authority overlooked the law's mandate in deciding the application's maintainability based on the Corporate Debtor's objection. The appeal was not maintainable at the instance of the Corporate Debtor. The Adjudicating Authority was directed to consider the application on merit promptly.