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 I.A. No. 6127/2026 and I.A. No. 6071/2026. However, due to subsequent events, the appellant indicated a lack of interest in continuing with the appeals and requested to withdraw them unconditionally. The learned Counsel for the appellant referenced a Supreme Court order directing the Committee of Creditors (CoC) to consider the petitioner's Resolution Plan before the next hearing, with the proceedings before the NCLT remaining subject to the outcome of the appeal. The Resolution Professional confirmed that the plan had already been approved by the NCLT. In light of these submissions, the Tribunal dismissed the appeals as withdrawn unconditionally and disposed of the pending applications. The decision was made by the officiating Chairperson and two technical members.
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, disposing of the pending applications as well. Held that the appeals were dismissed as withdrawn unconditionally (Paras 2-6).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Whether the appeals should be allowed to be withdrawn unconditionally.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The appeals were dismissed as withdrawn unconditionally, and the pending applications were disposed of.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
