NCLT Can Reinstate Withdrawn Petitions and Handle Corporate Debtor Claims u/s 60(5)(c) of Insolvency Code.

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....Restoration of petition, which has been withdrawn - There cannot be a dispute on the inherent power of the NCLT to direct restoration of an application which had been permitted by the Tribunal to be withdrawn earlier - Apart from this, Section 60(5) c) of the Insolvency and Bankruptcy Code also empowers the NCLT to entertain or dispose of any application or proceeding by or against the corporate debtor or corporate person as well as any claim made by or against the corporate debtor. This provision is in the nature of a residuary power. - Writ petitioner may raise the issue befoer the NCLT - HC....