Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
Insolvency and BankruptcyAugust 16, 2024Case LawsAT
Permission to withdraw application filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 was denied, and the Appellant challenged the order contending error in not granting liberty to file a fresh application. It was held that in IBC proceedings, the Applicant is not entitled to withdraw the application filed u/s 9 at any stage and pray for liberty to file afresh as a matter of right. The Adjudicating Authority had permitted withdrawal but denied liberty to file fresh application, as an objection was raised by the Corporate Debtor alleging false evidence pertaining to Demand Notice. The Appellate Tribunal found no error committed by the Adjudicating Authority in denying liberty to file fresh application, although imposition of cost was unnecessary. The appeal was dismissed.
Permission to withdraw application filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 was denied, and the Appellant challenged the order contending error in not granting liberty to file a fresh application. It was held that in IBC proceedings, the Applicant is not entitled to withdraw the application filed u/s 9 at any stage and pray for liberty to file afresh as a matter of right. The Adjudicating Authority had permitted withdrawal but denied liberty to file fresh application, as an objection was raised by the Corporate Debtor alleging false evidence pertaining to Demand Notice. The Appellate Tribunal found no error committed by the Adjudicating Authority in denying liberty to file fresh application, although imposition of cost was unnecessary. The appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
