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NCLT Closes CIRP Despite NCLAT Stay; Section 9 Withdrawal Set Aside, CIRP to Continue Under IBC 2016 Provisions.

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....Seeking release of the corporate debtor from the rigours of CIRP - NCLT closed the CIRP proceedings despite the stay order by NCLAT against withdrawal Order - The Application for withdrawal of Section 9 Application filed is set aside and consequently the CIRP initiated as a result of admission of Section 9 Application vide Order dated 18.12.2020 is allowed to run its due course and be completed in accordance with the provisions of IBC, 2016 - AT....

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