2020 (2) TMI 1666 - SCH - Insolvency and Bankruptcy

Seeking permission for withdrawal of SLP - petitioner is under CIRP - HELD THAT - There is no dispute that the petitioner has approached the National Company Law Tribunal (NCLT) for reliefs that are the subject matter of these Special Leave Petitions. Mr. Nakul Diwan, learned senior counsel submits that the NCLT by an Order dated 30.1.2020 directed the 1st respondent not to utilise the amount of bank guarantee till the next date of hearing. The petitioner are permitted to withdraw these Special Leave Petitions and approach the NCLT for any further orders - The Special Leave Petitions are, accordingly, dismissed as withdrawn.

Summary

The Supreme Court dismissed the Special Leave Petitions as withdrawn, allowing the petitioner to approach the National Company Law Tribunal for further orders regarding the Corporate Insolvency Resolution Process. The NCLT had directed the respondent not to use the bank guarantee until the next hearing, and this order was extended and is currently in effect.