Case Note & Summary
The case involved Empire Housing Projects Pvt. Ltd. as the appellant and Ninaniya Estates Ltd. as the respondent. The appellant filed an application seeking permission to withdraw Company Appeal (AT) (Insolvency) No. 1416 of 2026 after the National Company Law Tribunal (NCLT) dismissed their petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), allowing the appellant the liberty to pursue an alternative remedy. The tribunal considered the application and granted permission for withdrawal, leading to the dismissal of the appeal as withdrawn. Additionally, the tribunal disposed of pending applications IA No. 5499 of 2026 and IA No. 5438 of 2026. The decision was made by Justice Yogesh Khanna, officiating chairperson, along with members Barun Mitra and Ajai Das Mehrotra.
Headnote
A) Insolvency Law - Withdrawal of Appeal - Permission to Withdraw Appeal - Insolvency and Bankruptcy Code, 2016, Section 7 - The appellant sought permission to withdraw the appeal after the NCLT dismissed the petition with liberty to pursue an alternative remedy. The tribunal granted permission and dismissed the appeal as withdrawn, also disposing of pending applications. Held that the appellant was entitled to withdraw the appeal (Paras 1-2).
Issue of Consideration
Whether the appellant could withdraw the appeal after dismissal of the petition under Section 7 of the IBC.
Final Decision
The tribunal granted permission to withdraw the appeal and dismissed it as withdrawn, also disposing of pending applications IA No. 5499 of 2026 and IA No. 5438 of 2026.
Law Points
- Withdrawal of appeal
- Insolvency proceedings
- Alternative remedy under IBC
