The National Company Law Tribunal, Chandigarh Bench, comprising Harnam Singh Thakur (Member-Judicial) and Shishir Agarwal (Member-Technical), has disposed of an application seeking withdrawal of voluntary liquidation. The adjudicating authority held that even in the absence of specific provision under the IBC, it can allow the withdrawal of voluntary liquidation by invoking its inherent power under Rule 11 of the NCLT Rules, 2016.
Background of the Case
The management of the applicant company decided to wind up the company by passing a resolution for voluntary liquidation. The decision was taken to avoid the operating expenses incurred by it. The shareholders of the company approved the decision at the Extraordinary…