|National Company Law Appellate Tribunal
Liquidation order set aside; Sec 12A withdrawal allowed despite missing 66% vote under Sec 33 | Corporate Insolvency - IBC : NCLAT
NCLAT quashed the liquidation order of Jeppiaar Cements, revived the corporate insolvency resolution process and permitted withdrawal of the Sec 12A application even though the Committee of Creditors failed to meet the 66 % voting threshold prescribed by Sec 33. The ruling affirms a resolution professional’s discretion to deem a Sec 12A withdrawal viable, protecting creditor interests and keeping restructuring options open for the debtor.