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Issues: Whether the order of the National Company Law Tribunal suffered from violation of principles of natural justice so as to justify writ interference despite availability of an appellate remedy under the Insolvency and Bankruptcy Code, 2016.
Analysis: Upon admission of a petition under section 7, the insolvency process becomes a proceeding in rem and the management of the corporate debtor vests in the interim resolution professional. An application for withdrawal under section 12-A, read with Regulation 30-A, had to be moved through the interim resolution professional, who represented the corporate debtor in the insolvency process. The respondents opposing withdrawal were financial creditors with a direct stake in the proceedings, and they were heard by the adjudicating authority. The petitioners' reliance on lack of direct hearing was misplaced because the suspended management had no independent right to bypass the statutory framework, and the record also showed that the petitioner financial creditor had authorised the interim resolution professional to move the withdrawal application. The existence of an alternate statutory appeal and the constitution of the committee of creditors further supported restraint in writ jurisdiction.
Conclusion: The order of the National Company Law Tribunal did not suffer from breach of natural justice, and writ interference was not warranted.
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