Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
CIRP Application cannot be Withdrawn without Application Filed by Applicant who Initiates Section 7 Application: NCLAT
The National Company Law Appellate Tribunal (NCLAT) ruled that a Corporate Insolvency Resolution Process (CIRP) application cannot be withdrawn without the filing of an application by the applicant who initiates a Section 7 application. The decision addresses a situation where a CIRP application was attempted to be withdrawn by the applicant after it was filed. The NCLAT clarified that such an application cannot be withdrawn unilaterally and must involve an additional application by the original applicant. This ruling aims to prevent the misuse of the insolvency resolution process and ensures that the interests of creditors are protected during CIRP proceedings.