NCLAT has power to grant case withdrawal under Rule 11 of NCLT Rules

Anuj Tejpal Vs Rakesh Yadav (NCLAT Delhi)

Conclusion: In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival

Held: The Appellant has preferred the instant Appeal against the Order of Admission of Application under Section 9 of the Insolvency and Bankruptcy Code, 2016, wherein the Adjudicating Authority have passed the order of moratorium and appointment of Interim Resolution Professional (IRP), which have been challenged in this Appeal. The contentions of the Appellant were as under:

• In absence of any Agreement subsisting at the time of filing of the Petition between the Appellant and the second Respondent there is no privity of Contract between the two;

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