Standard Chartered Bank withdraws application, Resolution Professional's liquidation request deferred. Tribunal emphasizes transparency and stakeholder interests

Standard Chartered Bank withdrew its application after completion of pleadings. The Tribunal allowed the withdrawal. An application for liquidation by the Resolution Professional was deferred pending further proceedings. A Resolution Applicant sought directions against the RP, leading to instructions for the RP to convene a CoC meeting promptly and reconsider pending plans for transparent voting. One Resolution Applicant withdrew its plan, rendering part of the application moot. The Tribunal emphasized transparency and stakeholder interests in its decision-making.

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Issues:
1. Withdrawal of application by Standard Chartered Bank
2. Deferred application for liquidation filed by RP
3. Resolution Applicant seeking direction against RP

Withdrawal of Application by Standard Chartered Bank:
In the case, an application was filed by Standard Chartered Bank, and after completion of pleadings, the bank expressed its wish to withdraw the application. The Learned Counsel confirmed the withdrawal, and the Tribunal allowed the application to be withdrawn and disposed of.

Deferred Application for Liquidation by RP:
Another application was filed by the Resolution Professional (RP) seeking liquidation, which was deferred due to an order passed in another application. The Tribunal scheduled this application to be listed on 25.11.2021 for further proceedings.

Resolution Applicant Seeking Direction Against RP:
Furthermore, an application was filed by one of the Resolution Applicants seeking direction against the RP. After hearing both sides and considering the interests of stakeholders and the Corporate Debtor, the Tribunal directed the RP to conduct a meeting of the Committee of Creditors (CoC) at the earliest. The CoC was instructed to reconsider two pending plans for transparent voting. Both Resolution Applicants were given the liberty to present their plans before the CoC for reconsideration. Additionally, one of the Resolution Applicants withdrew its plan, making a part of the application infructuous. The application was disposed of based on the directions given to the RP and CoC.

This judgment by the National Company Law Tribunal, New Delhi, involved the withdrawal of an application by a bank, the deferral of a liquidation application by the RP, and the direction given to the RP and CoC regarding reconsideration of pending resolution plans. The Tribunal emphasized transparency and stakeholder interests in its decision-making process.

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