2018 (12) TMI 1896 - AT - Insolvency and Bankruptcy

Seeking withdrawal of CIRP initiation application - HELD THAT - The application filed by the applicant Federal Bank Ltd. (1st Respondent herein) for withdrawal of the application under Section 7 in terms of Section 12A of the I B Code, 2016 has been allowed and the corporate insolvency resolution process against the Corporate Debtor has been withdrawn. In view of such development no further order is required to be passed. The appeal stands disposed of in terms of order dated 29th November, 2018 passed by the Adjudicating Authority.

Summary

The National Company Law Appellate Tribunal, New Delhi, disposed of an appeal where the application for withdrawal under Section 12A of the I&B Code, 2016 was allowed by the Adjudicating Authority. The corporate insolvency resolution process against the Corporate Debtor was withdrawn. No further order was required.