NCLAT Chennai Bench sets aside liquidation order for Jeppiaar Cements, restoring CIRP and directing exploration of Section 12A withdrawal.
Tribunal finds Resolution Professional's decision to file for liquidation under Section 33(1) was influenced by Registry advice and not objective.
Indian Bank had sanctioned OTS to directors, who paid ₹66.75 crores initially and full dues post-liquidation order.
Appellate Authority criticizes Registry interference and emphasizes liquidation as last resort, favoring settlement through Section 12A route.