# In the matter of Shahnawaz Rana Vs. Punjab National Bank & Anr. CA(AT)(Ins)No. 1364 of 2019

> NCLAT judgment dated 2019-11-27. Citation: TCN-2019-NCLAT-00075. The case involves an appeal where the Resolution Plan was rejected by the Committee of…

- **Court:** NCLAT
- **Order date:** 27 Nov 2019
- **Citation:** TCN-2019-NCLAT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shahnawaz-rana-vs-punjab-national-bank-anr-ca-975224dd

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the Appellant can withdraw the appeal given the rejection of the Resolution Plan and the …

**Ratio:** An appellant can withdraw an

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**Reasoning:** The court allowed the appellant to withdraw the appeal, recognizing the circumstances of

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**Interpretation:** The court's decision reflects the procedural aspect of allowing an appellant to

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**Application:** The appellant's request to withdraw was granted, effectively ending the current

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## Parties

- **Judges:** Bansi Lal…; Venugop…
- **Appellants:** Shahnawaz…
- **Respondents:** Punjab National…

## Timeline

- **2019-11-27 — Appeal He…**: The court heard the learned counsel for the Appellant and condoned the delay of 7 days in…

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