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of <h1>Companies law winding up petitions dismissed as withdrawn; petitioners may approach NCLT or resolution professional; limitation time excluded</h1> Multiple winding-up petitions were withdrawn with liberty to approach the National Company Law Tribunal or the appointed resolution professional; the ... Seeking leave to withdraw petition with liberty to approach National Company Law Tribunal/Resolution Professional appointed - HELD THAT:- Petition dismissed as withdrawn with the liberty as prayed for. Delay, if any, to be condoned by NCLT/RP. Issues: (i) Whether the company petitions should be dismissed as withdrawn with liberty to approach the National Company Law Tribunal/Resolution Professional and with condonation of any delay by NCLT/RP; (ii) Whether time taken in prosecuting the winding up petitions is to be excluded under Section 14 of the Limitation Act, 1963.Issue (i): Whether the petitions before the High Court are to be dismissed as withdrawn while permitting petitioners to approach the NCLT/RP and leaving condonation of delay to that forum.Analysis: The Court recorded the petitioners' request to withdraw and observed that petitioners may pursue remedy before the NCLT or the Resolution Professional. The Court permitted withdrawal, dismissed the petitions as withdrawn, and left any condonation of delay to the NCLT/RP. Interim applications were disposed.Conclusion: The petitions are dismissed as withdrawn with liberty to approach the NCLT/Resolution Professional and with leave for the NCLT/RP to condone any delay. This conclusion is not in favour of the petitioners on the present petitions.Issue (ii): Whether the time taken in prosecuting the winding up petitions is excluded under Section 14 of the Limitation Act, 1963.Analysis: The Court found that each petitioner had diligently and bona fide pursued the petitions and relied on authority supporting exclusion of time where petitions are prosecuted bona fide. On that basis the Court directed that the time taken in prosecuting the winding up petitions be excluded under Section 14 of the Limitation Act, 1963 and allowed petitioners six weeks to file before the NCLT/RP.Conclusion: Time taken in prosecuting the winding up petitions is excluded under Section 14 of the Limitation Act, 1963 in favour of the petitioners.Final Conclusion: The High Court dismissed the company petitions as withdrawn while preserving petitioners' right to approach the NCLT/Resolution Professional and declaring that the time taken in prosecuting the petitions is excluded under Section 14 of the Limitation Act, 1963.Ratio Decidendi: Where petitioners have bona fide and diligent prosecution of winding up petitions, the period spent in such prosecution can be excluded under Section 14 of the Limitation Act, 1963, and leave to withdraw petitions may be granted with liberty to approach the appropriate tribunal which may condone delay.
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