Liquidation Withdrawal Allowed if CoC Permits CIRP Time Extension: NCLAT Delhi

Ramesh Jadhav Vs Vakati Balasubramnayam Reddy & Anr. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) Delhi dismissed an appeal challenging the withdrawal of a liquidation application in the case of Ramesh Jadhav vs. Vakati Balasubramnayam Reddy & Anr. The appellant, a suspended director of the corporate debtor, had sought multiple reliefs, including the removal of the Resolution Professional (RP), cancellation of the Committee of Creditors’ (CoC) accepted resolution plan, and initiation of liquidation proceedings. The Adjudicating Authority, after reviewing the ...