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IBC: Supreme Court Permits Anytime Withdrawal Of Insolvency Proceedings
Supreme Court permits withdrawal of insolvency any time, any company.
31 Jan 2019, 10:31 AM IST ![NDTV Profit](/icons/feather-without-circle.svg)
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![An “out” sign and arrow point to the direction for an exit from St Paul’s London Underground station in London, U.K. (Photographer: Luke MacGregor/Bloomberg)](https://media.assettype.com/bloombergquint%2F2017-07%2F4a5bfb18-4f17-4815-be29-18c9946e0a9b%2F258378018_1-3.jpg?rect=0%2C361%2C4000%2C2250&auto=format%2Ccompress&w=200)
An “out” sign and arrow point to the direction for an exit from St Paul’s London Underground station in London, U.K. (Photographer: Luke MacGregor/Bloomberg)
The recent Supreme Court ruling in Brilliant Alloys’ insolvency may just prove to be the saving grace for promoters who have lost control of their insolvent company and whose hopes of ever regaining it were dismal.The ruling now allows promoters, eligible or not, to take back control of their insolvent companies by enabling withdrawal of the admitted insolvency application at any point during the insolvency process.The apex court has...
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