2025 (7) TMI 851 - SCH - IBC

Appellants withdraw appeal seeking equitable treatment with creditors and refund after unit cancellation under Resolution Plan

The SC dismissed the appeal as withdrawn with liberty to seek other remedies. Appellants sought equitable treatment with other creditors, amendment of ... Seeking permission to withdraw the appeal with liberty to seek other remedies in accordance with law - Seeking equitable treatment with that of other creditors in class - seeking amendment of the Information Memorandum (IM) reflecting the units of the Appellants as cancelled - seeking refund of the amount paid - it was held by NCLAT that 'The cancellation of the units was based on the UPRERA’s Order which was not challenged. The Information Memorandum contained this information and CoC could not have revoked the cancellation and acted within its commercial wisdom approving the Resolution Plan.' HELD THAT:- The Civil Appeal is dismissed as withdrawn with the aforesaid liberty. The Supreme Court, through Hon'ble Mrs. Justice B. V. Nagarathna and Hon'ble Mr. Justice Satish Chandra Sharma, granted the appellant's request to withdraw the civil appeal 'with liberty to seek other remedies in accordance with law.' The Court recorded the submission and dismissed the appeal as withdrawn. All pending applications were disposed of accordingly.