2021 (5) TMI 229 - AT - Insolvency and Bankruptcy

Appellate Tribunal allows appeal withdrawal with liberty to expunge remarks

The Appellate Tribunal allowed the appeal to be withdrawn by the Appellant with liberty to approach the Adjudicating Authority to expunge remarks casting ... Withdrawal of appeal with liberty to apply - expunction of adverse observations against Resolution Professional - communication of appellate order to the Adjudicating AuthorityWithdrawal of appeal with liberty to apply - expunction of adverse observations against Resolution Professional - Withdrawal of the appeal was permitted with liberty to the appellant to seek expunction of observations against the Resolution Professional before the Adjudicating Authority. - HELD THAT: - The Appellant, aggrieved by adverse observations in the impugned order and alleging non-communication of the admission and commencement order for seven months, sought leave to withdraw the appeal while reserving the right to approach the Adjudicating Authority for expunction of stigma-casting remarks. The Tribunal allowed the prayer to withdraw the appeal and granted the Appellant liberty to file an application before the Adjudicating Authority (NCLT, Division Bench-I, Chennai) for revisiting the impugned order and expunging the observations/remarks made against the Appellant as Resolution Professional. The Tribunal fixed a one-week window for filing that application. [Paras 2]Appeal withdrawn; liberty granted to the Appellant to approach the Adjudicating Authority within one week for expunction of the adverse observations against the Resolution Professional.Communication of appellate order to the Adjudicating Authority - Direction to communicate the Tribunal's order to the Adjudicating Authority. - HELD THAT: - In order to enable the Adjudicating Authority to consider any application for expunction on an informed basis, the Tribunal directed that a copy of its order be communicated to the Adjudicating Authority. This instruction ensures that the forum before which the expunction application is to be filed has the appellate order on record. [Paras 2]Copy of this order to be communicated to the Adjudicating Authority.Final Conclusion: The appeal is permitted to be withdrawn; the Appellant is granted liberty to approach the NCLT (Division Bench-I, Chennai) within one week for expunction of observations made against the Resolution Professional, and a copy of the Tribunal's order is to be communicated to the Adjudicating Authority. The Appellate Tribunal allowed the appeal to be withdrawn by the Appellant with liberty to approach the Adjudicating Authority to expunge remarks casting stigma on the Appellant as Resolution Professional. The order was to be communicated to the Adjudicating Authority.