The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, affirming that the Resolution Professional had the authority to file an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The NCLAT referenced the Supreme Court's ruling, which established that once CIRP is admitted, the proceedings are in rem, requiring the Resolution Professional to manage them. The NCLAT upheld the Adjudicating Authority's decision allowing the withdrawal of the Section 12A application following the admission of a creditor's claim, which required the reconstitution of the Committee of Creditors (CoC). Consequently, the appeal against the prior order was rendered moot by the subsequent order. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X