NCLT Can Invoke Inherent Powers To Permit Withdrawal Of Voluntary Liquidation Despite Absence Of Specific Provision In IBC: NCLT Chandigarh

The NCLT Chandigarh, exercising its "inherent power" under "Rule 11 of NCLT Rules, 2016," permitted the "withdrawal of voluntary liquidation despite the absence of a specific provision in IBC." The tribunal utilized its inherent powers to allow a company to withdraw its voluntary liquidation process, even though the Insolvency and Bankruptcy Code (IBC) does not explicitly provide for such withdrawal once initiated. This decision highlights the NCLT's flexibility to address unique circumstances and ensure justice where the statute may be silent, provided sufficient grounds exist for withdrawal.