Case Note & Summary
The case involved an appeal filed by two ex-employees of a corporate debtor against a resolution professional and a resolution applicant. The appellants, Dolfee Correya and Vincy Varghese M, sought to withdraw their appeal after amicably settling the issue with the respondents. During the proceedings, the learned counsel for the appellants informed the tribunal that they had received instructions to withdraw the appeal due to the settlement. The tribunal, upon hearing the counsel, permitted the withdrawal of the appeal and dismissed it as withdrawn, stating that no costs would be imposed. This decision reflects the tribunal's recognition of the amicable resolution between the parties involved.
Headnote
A) Company Law - Withdrawal of Appeal - Dismissal of Appeal as Withdrawn - Insolvency and Bankruptcy Code, 2016 - The appellants, being ex-employees of the corporate debtor, sought to withdraw their appeal after reaching an amicable settlement with the respondents. The court permitted the withdrawal and dismissed the appeal as withdrawn, indicating that no costs would be incurred (Paras 1-2).
Issue of Consideration
Whether the appeal can be withdrawn following an amicable settlement between the parties.
Final Decision
The appeal was permitted to be withdrawn and was dismissed as withdrawn, with no costs imposed.
Law Points
- Withdrawal of appeal
- amicable settlement
- corporate debtor
- ex-employees
