Reliance Infratel Ltd. v. HSBC Daisy Investments (Mauritius) Ltd.

COMPANIES ACT, 2013,

--Initiation of corporate insolvency resolution process--Pendency of oppression and mismanagement petition Execution of consent deed--Appeal for withdrawal of petition under section 9 --Where the parties mutually decided to put an end to ongoing disputes of oppression and mismanagement as per terms of consent deed, the appeal for withdrawal of petition under section 9 was to be admitted.--HSBC filed petition under section 9 for initiation of corporate insolvency resolution process against corporate debtor. Corporate debtor averred that HSBC already filed an oppression and mismanagement petition, which was pending. Further that, a consent deed was executed between them, wherein they had agreed to put an end to ongoing disputes of oppression and mismanagement as per terms of consent deed. Therefore, the corporate debtor filed an appeal for withdrawal of the petition under section 9 during pendency of insolvency resolution process. Held: Since the parties had mutually agreed to put an end to ongoing disputes of oppression and mismanagement as per terms of consent deed executed between them, the appeal for withdrawal of the petition under section 9 was admitted.