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The National Company Law Tribunal has introduced uniform Registry and case-listing practices, preparation of daily cause lists, prescribing timelines for first listing and a “With Defects” mechanism for matters requiring judicial determination
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.