2021 (5) TMI 229 - AT - Insolvency and Bankruptcy

Permission for withdrawal of appeal - fault in the conduct of Corporate Insolvency Resolution Process or not - order of admission and commencement of Corporate Insolvency Resolution Process against the Corporate Debtor was not communicated to Appellant for 7 months - principles of natural justice - HELD THAT - The appeal is permitted to be withdrawn with liberty granted to the Appellant to file an application before the Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai for revisiting the impugned order and expunging the observations/ remarks made against the Appellant as Resolution Professional, within one week. Appeal dismissed as withdrawn.

Summary

The Appellate Tribunal allowed the appeal to be withdrawn by the Appellant with liberty to approach the Adjudicating Authority to expunge remarks casting stigma on the Appellant as Resolution Professional. The order was to be communicated to the Adjudicating Authority.