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| Exchange Received Time 10/08/2018 18:29:55 Exchange Disseminated Time 10/08/2018 18:30:01 Time Taken 00:00:06 | We wish to bring to your notice that the Corporate Insolvency Resolution Process initiated against the Company has been dismissed and thereby withdrawn vide order dated 07.08.2018 by Honourable National Company Law Appellate Tribunal, New Delhi which was uploaded on NCLAT website on 10.08.2018. Relevant extracts of the order is reproduced below:
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............................... The application preferred by Respondent under Section 9 of the I&B Code, 2016 is dismissed as withdrawn. The 'Corporate Debtor'' is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect.
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The parties are directed to comply with the terms and conditions on the basis of which the Committee of Creditors allowed to withdraw the application. The appeal is allowed with aforesaid observations and directions. No cost.
This is for your necessary information.
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