NCLAT allows withdrawal of Liberty House bid for ARGL – Business Today

The National Company Law Appellate Tribunal (NCLAT) on Friday allowed the withdrawal of UK-based Liberty House bid for ARGL on the plea of resolution professional of the debt-ridden company.

A two-member bench, headed by Justice S J Mukhopadhaya, also pulled up Liberty House for not pursuing the corporate insolvency resolution process after being selected as the highest bidder.

You are a failure party all the time, dragging your feet. You are in bad reputation. We would not allow you to take advantage of the appellate tribunal, the bench said.

NCLAT …

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