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Judgment
CA No. 115/2021
The present application has been filed under Rule 11 of the NCLT Rules for withdrawal of the first motion application, which was otherwise allowed on 20.03.2020. It is submitted by learned counsel for the applicant that due to unprecedented circumstances of Covid-19 outbreak, the first motion order could not be given effect to and ultimately the scheme was re-visited and reviewed to determine its commercial viability by the applicants and it has been decided that it would not be in the interest of the applicant companies and their stakeholders to proceed with the proposed scheme. Therefore, the Board of Directors of the Applicant Companies, at their respective board meetings held on 25.02.2021, have approved the withdrawal of the scheme. Copies of the respective board resolutions have been annexed as Annexure A-1 to A-7 supported by respective affidavits. Keeping in view the facts and circumstances mentioned in the application, the present application is allowed in the interest of justice. Applicant companies are directed to not to act upon the first motion order dated 20.03.2020 passed by this Tribunal. However, they are at liberty to file the fresh first motion application by framing new scheme, if so advised. This withdrawal is subject to cost of ₹ 25,000/-to be deposited in 'Company Law Tribunal Bar Association, Chandigarh. Therefore, CA No. 115/2021 is disposed of accordingly.