In a recent ruling, the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has reaffirmed that withdrawal of insolvency proceedings under Section 12A of the Insolvency and Bankruptcy Code, 2016, is impermissible once liquidation has commenced, thereby upholding the Bank of Baroda‑initiated process
The appeal arose from the NCLT’s common order dated 21 February 2024, which allowed the Resolution Professional’s application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation, and approved Bank of India’s proposal for the appointment of a liquidator. Aggarwal’s plea to keep these applications in abeyance pending his Supreme Court challenge was…