https://www.taxtmi.com/caselaws?id=418314 The Tribunal allowed the withdrawal of a Scheme of Amalgamation proposed by a company with its creditors, as the majority of creditors rejected the Scheme and the company was undergoing insolvency proceedings initiated by the RBI. Challenges against NCLT's directions on non-payment by the company and to Credit Rating Agencies were successful, leading to the withdrawal of the Scheme. Multiple appeals were filed by different parties, all of which were allowed, resulting in the setting aside of the impugned order and permitting the withdrawal of the Scheme. en-us Fri, 11 Feb 2022 00:00:00 +0530 Mon, 14 Feb 2022 07:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418314 The Tribunal allowed the withdrawal of a Scheme of Amalgamation proposed by a company with its creditors, as the majority of creditors rejected the Scheme and the company was undergoing insolvency proceedings initiated by the RBI. Challenges against NCLT's directions on non-payment by the company and to Credit Rating Agencies were successful, leading to the withdrawal of the Scheme. Multiple appeals were filed by different parties, all of which were allowed, resulting in the setting aside of the impugned order and permitting the withdrawal of the Scheme. Case-Laws Companies Law Fri, 11 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418314