IBC: Application u/s. 7 treated as deemed to be withdrawn by virtue of third proviso of section 7

Hari Om Dixit Vs Ajit Srivastava & Ors (NCLAT Delhi) NCLAT Delhi held that application filed prior to Insolvency and Bankruptcy Code (Amendment) Act, 2020 need to be modified failing which the application shall be deemed to be withdrawn before its admission. Thus, application u/s. 7 has to be treated to be deemed to be withdrawn. Facts- Company Appeal has been filed by the suspended Director of the Corporate Debtor (“CD”) – M/s Gayatri Hospitality and Realcon Ltd., challenging the order dated 04.03.2024 passed by National Company Law Tribunal (“NCLT”), New Delhi Principal Ben...