Case Note & Summary
The case involves an appeal filed by State Bank of India under Section 421 of the Companies Act, 2013, challenging an order dated 24.06.2019 passed by the National Company Law Tribunal, Hyderabad Bench, in IA/169/2019 in CP/660/241/HDB/2018. The respondents included India Power Corporation Ltd. and various other financial institutions. During the proceedings before the National Company Law Appellate Tribunal (NCLAT) at Chennai, the counsel for the appellant submitted that the matter had been settled between the parties and sought permission to withdraw the appeal. The NCLAT, after hearing the counsel for the appellant and noting the absence of any objection, permitted the withdrawal. Consequently, the appeal was disposed of as withdrawn, with no further orders being passed. The judgment is brief and does not delve into the merits of the case, as the primary issue was the settlement and withdrawal.
Headnote
A) Insolvency Law - Withdrawal of Appeal - Settlement - Section 421 of the Companies Act, 2013 - The appellant, State Bank of India, sought to withdraw the appeal as the matter had been settled between the parties. The NCLAT permitted withdrawal and disposed of the appeal without any further orders. (Para 1-2)
Issue of Consideration
Whether the appeal should be allowed to be withdrawn in light of the settlement between the parties.
Final Decision
Appeal disposed of as withdrawn. No further orders.
Law Points
- Withdrawal of appeal
- Settlement between parties
- No further orders required
