The case involves an appeal where the Resolution Plan was rejected by the Committee of Creditors, which comprised the sole Financial Creditor, Punjab National Bank. The maximum prescribed resolution period of 270 days had already elapsed, and liquidation of the Corporate Debtor had been ordered. The appellant sought to withdraw the appeal.
The Resolution Plan was rejected by the Committee of Creditors, consisting solely of Punjab National Bank. The maximum resolution period of 270 days had passed. Liquidation of the Corporate Debtor was ordered. The Appellant sought to withdraw the appeal, which was granted. The court allowed the withdrawal but clarified that the Appellant could still submit a Scheme/Arrangement for consideration, provided they are eligible under Section 230 of the Companies Act, 2013. A Promoter is ineligible to submit such a scheme.
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The case involves an appeal where the Resolution Plan was rejected by the Committee of Creditors, which comprised the sole Financial Creditor, Punjab National Bank. The maximum prescribed resolution period of 270 days had already elapsed, and liquidation of the Corporate Debtor had been ordered. The appellant sought to withdraw the appeal.
The Resolution Plan was rejected by the Committee of Creditors, consisting solely of Punjab National Bank. The maximum resolution period of 270 days had passed. Liquidation of the Corporate Debtor was ordered. The Appellant sought to withdraw the appeal, which was granted. The court allowed the withdrawal but clarified that the Appellant could still submit a Scheme/Arrangement for consideration, provided they are eligible under Section 230 of the Companies Act, 2013. A Promoter is ineligible to submit such a scheme.
The court heard the learned counsel for the…
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