Supreme Court · 2022 INSC 636 · Decided 3 June 2022
Vallal RCK v. M/S Siva Industries and Holdings Limited and Others
- Court
- Supreme Court of India
- Citation
- 2022 INSC 636 · [2022] 7 S.C.R. 577
- Case number
- CIVIL APPEAL No. 1811/2022
- Decided
- 3 June 2022
- Bench
- BHUSHAN RAMKRISHNA GAVAI, HIMA KOHLI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution; IBC Section 12A, 30(4)
Headnote
Insolvency and Bankruptcy Code, 2016: s. 12A - Withdrawal of application admitted u/s. 7 - On facts, application u/s. 12A r/w Regulation 30A for withdrawal of application filed u/s. 7, in view of settlement plan submitted by the promoter of the Corporate Debtor, being approved by of the Committee of Creditors - NCLT and NCLAT rejected the application - On appeal, held: When 90% and more of the creditors, in their wisdom after due deliberations, find that it would be in the interest of all the stake-holders to permit settlement and withdraw CIRP, the
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