https://www.taxtmi.com/caselaws?id=429580 An alternative statutory appeal did not bar writ jurisdiction where the challenge went to the tribunal's own jurisdiction, so the writ petition was maintainable. The NCLT was held to have inherent and residuary power under its statutory framework and rules to restore a corporate insolvency petition that had earlier been permitted to be withdrawn, particularly where withdrawal was allowed with liberty to revive the matter on default and the statute was silent on restoration. The restoration order was therefore upheld, and the contractual consequences of the memorandum of understanding were left to be determined by the NCLT. en-us Fri, 30 Sep 2022 00:00:00 +0530 Tue, 01 Nov 2022 10:16:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429580 An alternative statutory appeal did not bar writ jurisdiction where the challenge went to the tribunal's own jurisdiction, so the writ petition was maintainable. The NCLT was held to have inherent and residuary power under its statutory framework and rules to restore a corporate insolvency petition that had earlier been permitted to be withdrawn, particularly where withdrawal was allowed with liberty to revive the matter on default and the statute was silent on restoration. The restoration order was therefore upheld, and the contractual consequences of the memorandum of understanding were left to be determined by the NCLT. Case-Laws Insolvency and Bankruptcy Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429580