Case Note & Summary
The appeal arose from an order dismissing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, M/s. Srei Equipment Finance Limited, represented by Advocate Ms. Poornima Devi, sought to withdraw the appeal after amicably resolving the matter with the respondent, Kothavalsa Infraventures Pvt. Ltd. The appellant indicated that a repayment schedule had been provided to the respondent and requested the court to allow the withdrawal with the provision that the appeal could be revived if the respondent failed to adhere to the settlement terms. The court, acknowledging the amicable resolution, permitted the withdrawal of the appeal and dismissed it as withdrawn, while also granting the appellant the liberty to revive the appeal should there be a breach of the settlement terms by the respondent. The decision was made by Justice N. Seshasayee and Member (Technical) Jatindranath Swain.
Headnote
A) Company Law - Withdrawal of Appeal - Conditions for Revival - Insolvency and Bankruptcy Code, 2016, Section 7 - The appellant sought to withdraw the appeal after amicable resolution of the matter, with a condition to revive the appeal if the respondent breaches the settlement terms. The court permitted the withdrawal while granting liberty to the appellant to revive the appeal in case of non-compliance by the respondent (Paras 1-2).
Issue of Consideration
Whether the appeal can be withdrawn and under what conditions it can be revived.
Final Decision
The appeal was permitted to be withdrawn and was dismissed as withdrawn. The appellant was granted liberty to revive the appeal if the respondent failed to comply with the terms of settlement.
Law Points
- Withdrawal of appeal
- Settlement terms
- Liberty to revive appeal
