NCLT can invoke inherent powers to permit withdrawal of voluntary liquidation, when no third-party rights are affected: NCLT
In the present case, initiation of the voluntary liquidation was a voluntary commercial decision taken by the shareholders. It is open to the shareholders, where no prejudice is caused to any stakeholder, to reconsider and reverse their decision, particularly when the process has not proceeded to an irreversible stage, such as distribution of assets.
