2021 (7) TMI 1446 - HC - Companies Law

Permission for withdrawal of petition - resolution plan of respondent no.4 company approved - petitioners seeks leave to withdraw the present petition with liberty to assail the impugned order on merits before the appropriate appellate forum - HELD THAT - The petition is, accordingly, dismissed as withdrawn with liberty as prayed for.

Summary

Issues:
Challenge to order approving resolution plan in a company application.

Analysis:
The High Court heard a petition challenging an order dated 01.06.2021 approving a resolution plan in a company application. The petitioners sought to withdraw the petition after vehemently arguing the matter for about an hour. The court granted the petitioners leave to withdraw the petition with liberty to challenge the impugned order on merits before the appropriate appellate forum. The petition was dismissed as withdrawn with the granted liberty. Importantly, the court clarified that granting liberty to the petitioner to approach the appropriate forum would not signify any expression of opinion by the Court.