Case Note & Summary
The matter involved appeals filed by Parmjit Gandhi against the Resolution Professional of Arshiya Northern FTWZ Ltd. and Athena India Opportunities & Ors. The appellant sought early hearing for the applications but later decided to withdraw the appeals unconditionally due to subsequent events. The learned Counsel for the appellant referenced a Supreme Court order directing the Committee of Creditors (CoC) to consider the Resolution Plan before the next hearing, indicating that the proceedings before the NCLT would remain subject to the outcome of the appeal. The Resolution Professional confirmed that the plan had already been approved by the NCLT. Given these circumstances, the Tribunal dismissed the appeals as withdrawn and disposed of the pending applications.
Headnote
A) Company Law - Withdrawal of Appeals - Unconditional Withdrawal - Companies Act, 2013 - The appellant expressed no interest in proceeding with the appeals due to subsequent events and sought unconditional withdrawal. The Tribunal allowed the withdrawal of the appeals and dismissed them accordingly, considering the approval of the Resolution Plan by the NCLT (Paras 2-6).
Issue of Consideration
Whether the appeals should be allowed to be withdrawn unconditionally.
Final Decision
The appeals were dismissed as withdrawn unconditionally, and the pending applications were disposed of.
Law Points
- Withdrawal of appeals
- Resolution Plan approval
- NCLT proceedings
