Case Note & Summary
The matter involved appeals filed by Incred Financial Service Ltd. against Resonance Eduventures Ltd. concerning insolvency proceedings. The appellant, represented by advocates Mr. Kaustav Som and Mr. Garvish Jain, indicated that the debt in question had been assigned to another Asset Reconstruction Company (ARC). Consequently, the appellant expressed a desire to withdraw the appeals unconditionally. The Tribunal, upon considering this submission, decided to dismiss both appeals as withdrawn. Additionally, it disposed of all pending applications related to the appeals. The decision was made by the officiating Chairperson Justice Yogesh Khanna and members Barun Mitra and Ajai Das Mehrotra.
Headnote
A) Insolvency Law - Withdrawal of Appeals - Dismissal of Appeals - Insolvency and Bankruptcy Code, 2016 - The appellant submitted that the debt had been assigned to another Asset Reconstruction Company and expressed the intention to withdraw the appeals unconditionally. The Tribunal considered the submission and dismissed both appeals as withdrawn, along with the pending applications. Held that the appeals were dismissed based on the appellant's request (Paras 1-2).
Issue of Consideration
Whether the appeals should be dismissed as withdrawn based on the appellant's submission regarding the assignment of debt.
Final Decision
Both appeals were dismissed as withdrawn unconditionally, along with the pending applications.
Law Points
- Insolvency proceedings
- withdrawal of appeals
- assignment of debt
