{"id":354482,"date":"2025-07-25T09:00:24","date_gmt":"2025-07-25T03:30:24","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=354482"},"modified":"2025-07-25T08:54:53","modified_gmt":"2025-07-25T03:24:53","slug":"nclts-inherent-power-to-permit-liquidation-withdrawal","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/25\/nclts-inherent-power-to-permit-liquidation-withdrawal\/","title":{"rendered":"NCLT can invoke inherent powers to permit withdrawal of voluntary liquidation, when no third-party rights are affected: NCLT"},"content":{"rendered":"
\n

National Company Law Tribunal, Chandigarh:<\/span> In an instant application filed by the applicant, under Section 59, 60(5) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016<\/a> (IBC), read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017<\/a> (\u2018Voluntary Liquidation Regulations\u2019) for withdrawal of voluntary liquidation of the Company, the Bench of Harnam Singh Thakur, Member (Judicial)<\/span> and Shishir Agarwal, Member (Technical)<\/span>, stated that in an exceptional cases, where the liquidation was initiated voluntarily and is now sought to be withdrawn by the same consenting stakeholders, and no third-party rights are affected, inherent powers of the Tribunal under Rule 11 of the National Company Law Tribunal Rules, 2016<\/a> (\u2018NCLT Rules, 2016\u2019) can be invoked to meet the ends of justice.<\/p>\n

Therefore, considering the peculiar facts and the revival prospects of the Company, the Tribunal exercised inherent jurisdiction under Rule 11 of the NCLT Rules, 2016, and allowed the withdrawal of the voluntary liquidation process.<\/p>\n

Background<\/h3>\n

In the present case, the Company, a wholly owned subsidiary of ENEL Green Power India Private Limited, was incorporated under the provisions of the Companies Act, 1956<\/a> with the object to carry on the business of providing and generating renewable power. On 28-12-2022, the Board of Directors resolved to voluntarily liquidate the Company to reduce future operational expenses and appointed a Liquidator.<\/p>\n

At the time of commencement of liquidation, the Company had no employees or workmen dues. However, due to evolving market conditions and the projected growth in the power sector, the management reconsidered and decided to withdraw the liquidation. This decision was communicated to the Liquidator, and in the Board Meeting, the Liquidator expressed no objection and confirmed that no asset sale or petition before the Adjudicating Authority had taken place. Shareholders passed a special resolution on the same day to approve withdrawal of the liquidation.<\/p>\n

The Liquidator, formally stepped down, stating that the Directors may resume control of the Company. There are no pending litigations against the Company, and it has undertaken to pay all statutory dues, including fees to the Liquidator and other related expenses. Thus, the present application was filed before this Tribunal.<\/p>\n

Case Analysis and Decision<\/h3>\n

The Tribunal acknowledged that while there is no explicit provision under the IBC or the Voluntary Liquidation Regulations for withdrawal of voluntary liquidation once commenced, such withdrawal may be considered under exceptional circumstances. In this case, the voluntary liquidation was not due to financial distress but was a commercial decision by the shareholders, who later unanimously resolved to reverse it. The Tribunal stated that it is equally 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.<\/p>\n

The Tribunal noted that the Board of Directors have unanimously resolved to withdraw the ongoing voluntary liquidation proceedings, which was thereafter duly ratified by the Members through a Special Resolution passed at the Extraordinary General Meeting held on the same date. Both resolutions clearly express the corporate decision to terminate the liquidation process, in accordance with Section 59(6)<\/a> of the IBC<\/a>, Regulation 4A of the Voluntary Liquidation Regulations, and guidance from the IBBI Discussion Paper dated 24-11-2020.<\/p>\n

The Tribunal stated that these resolution reflected a clear and informed intent to revive the Company and resume its business operations. Further, the Liquidator, also confirmed his no-objection to the withdrawal of the liquidation proceedings. Thus, the Tribunal stated in such an exceptional case, where the liquidation was initiated voluntarily and is now sought to be withdrawn by the same consenting stakeholders, and no third-party rights are affected, inherent powers of the Tribunal under Rule 11 of the NCLT Rules, 2016 can be invoked to meet the ends of justice.<\/p>\n

Therefore, considering the peculiar facts and the revival prospects of the Company, the Tribunal exercised inherent jurisdiction under Rule 11 of the NCLT Rules, 2016, and allowed the withdrawal of the voluntary liquidation process. Accordingly, the Tribunal directed the Liquidator to hand over the management and assets of the Company to its Board, after settling his legitimate fees and dues.<\/p>\n

[Enel Green Power India (P) Ltd. v. Suman Kumar Verma, CP (IB) No. 3 (CH) 2024, decided on 1-7-2025<\/span>]<\/p>\n

\n

Advocates who appeared in this case:<\/p>\n

For the Applicant:<\/span> Mohit Chaurasia, Ashutosh Gupta, Gaurav Rana & Ajitesh Kumar, Advocates.<\/p>\n

For the Respondents:<\/span> Suman Kumar Verma, Liquidator.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In the present case, initiation of the voluntary liquidation was a voluntary commercial decision taken by the shareholders. 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Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) while allowing the application for the liquidation of the Corporate Debtor by the CoC, appointed Mr Santanu T Ray as the Liquidator as provided under Section 34(1) of the Insolvency and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270018,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/nclt-when-can-a-liquidator-in-a-liquidation-process-be-replaced-elucidates\/","url_meta":{"origin":354482,"position":2},"title":"NCLT| When can a liquidator in a liquidation process be replaced?","author":"Editor","date":"July 13, 2022","format":false,"excerpt":"National Company Law Tribunal, Chennai: The Bench of S. Ramathilagam, J., Judicial Member, and Anil Kumar B, Technical Member held that the tribunal has the power to replace the liquidator of a Corporate Debtor in a liquidating process if the tribunal finds necessary grounds for such replacement. Factual Background and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Financial Creditor","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":107191,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/16\/ibbi-invites-comments-on-draft-regulations-for-voluntary-liquidation-of-corporate-persons\/","url_meta":{"origin":354482,"position":3},"title":"IBBI invites comments on Draft Regulations for Voluntary Liquidation of Corporate Persons","author":"Saba","date":"February 16, 2017","format":false,"excerpt":"The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117751,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/04\/insolvency-and-bankruptcy-board-of-india-notifies-corporate-voluntary-liquidation-process-regulations\/","url_meta":{"origin":354482,"position":4},"title":"Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations","author":"Saba","date":"April 4, 2017","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by Sections 59, 196 and 208 read with Section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. The Regulations provide the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":233578,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/07\/ibbi-amends-insolvency-and-bankruptcy-board-of-india-voluntary-liquidation-process-regulations-2017\/","url_meta":{"origin":354482,"position":5},"title":"IBBI amends Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017","author":"Bhumika Indulia","date":"August 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 on 05-08-2020. The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=354482"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/354482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/354491"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=354482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=354482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=354482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}