NCLT Split Verdict on Shankheshwar Properties Avoidance Application Withdrawal

NCLT Mumbai Bench delivers split verdict on withdrawal of avoidance applications under Sections 43 and 66 of IBC in Shankheshwar Properties CIRP.
Successful Resolution Applicant seeks to withdraw applications after settling with former director for ₹3.89 crore payment.
Judicial Member allows withdrawal citing SRA's commercial wisdom, while Technical Member opposes citing public policy concerns.
Matter referred to NCLT President for majority opinion due to fundamental disagreement on withdrawal permissibility.