Withdrawal of insolvency proceedings under Section 12A left open as Supreme Court disposes appeals without merits adjudication

The Supreme Court disposed of the appeals without deciding the merits and permitted the Interim Resolution Professional to proceed in accordance with law on withdrawal of the insolvency proceedings under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Court left open all rival contentions, including allegations of force, coercion and threat concerning the settlement agreement and Form FA, and did not adjudicate those issues.

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Outcome: The appeals were disposed of without adjudication on merits, with liberty to the Interim Resolution Professional to proceed in accordance with law in relation to withdrawal of the insolvency proceedings under Section 12A of the Insolvency and Bankruptcy Code, 2016. All rival contentions, including allegations of force, coercion and threat in relation to the settlement agreement and Form FA, were left open.

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