In the matter of J.S.R. Construction Pvt. Ltd. Vs. Varsha Transport Pvt. Ltd. CA(AT)(Ins)No. 664 of 2020

Heard learned counsel for the Appellant for a while. When he was confronted with the question that the Adjudicating Authority has declined to initiate the ‘corporate insolvency resolution process’ in respect of the ‘Corporate Debtor’ and directed the Appellant to reconsider the claim and try to resolve the issue, how could it claim to be prejudiced and aggrieved of the order.

Upon this, learned counsel for the Appellant offered to withdraw the appeal. It is manifestly clear from the impugned order that this direction for a reconsideration is an endeavour on the part of the Adjudicating Authority to promote amity and goodwill between the parties and prevent further litigation. Viewed in that context it cannot be said to be an adverse comment against the Appellant of which he can claim to be aggrieved of.

In the given circumstances, the Appellant is permitted to withdraw the Appeal. The appeal accordingly stands disposed of as withdrawn.

[ Justice Bansi Lal Bhat ]

Acting Chairperson)

[ V.P. Singh ]

Member (Technical)

[ Dr. Alok Srivastava ]

Member (Technical)