NCLAT Allows CIRP Withdrawal for SE Transstadia Amidst Revival Efforts

Udit Harish Seth Vs Bank of Baroda & Anr (NCLAT Delhi) In a significant development, the National Company Law Appellate Tribunal (NCLAT) Delhi has permitted the withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings against M/s SE Transstadia Pvt. Ltd., acknowledging a government-backed revival plan and the consensus among financial creditors. The decision, stemming from appeals filed by the company’s suspended directors, Udit Harish Seth, on May 22, 2025, effectively halts the insolvency process initiated by the Bank of Baroda. The case, documented as CA (AT) (Ins)...