Petition Challenging Resolution Plan Dismissed: Court Grants Withdrawal with Liberty to Appeal on Merits. The HC dismissed the petition challenging the resolution plan approval as withdrawn after the petitioners sought withdrawal post-argument. The court ...
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Petition Challenging Resolution Plan Dismissed: Court Grants Withdrawal with Liberty to Appeal on Merits.
The HC dismissed the petition challenging the resolution plan approval as withdrawn after the petitioners sought withdrawal post-argument. The court granted the petitioners leave to withdraw with liberty to contest the order on merits before an appellate forum. The court emphasized that this liberty does not imply any opinion on the case.
Issues: Challenge to order approving resolution plan in a company application.
Analysis: The High Court heard a petition challenging an order dated 01.06.2021 approving a resolution plan in a company application. The petitioners sought to withdraw the petition after vehemently arguing the matter for about an hour. The court granted the petitioners leave to withdraw the petition with liberty to challenge the impugned order on merits before the appropriate appellate forum. The petition was dismissed as withdrawn with the granted liberty. Importantly, the court clarified that granting liberty to the petitioner to approach the appropriate forum would not signify any expression of opinion by the Court.
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