Falcon Tyre's liquidation case: Edelweiss withdraws appeal in Karnataka HC

Edelweiss acquired 90% debt of Falcon Tyres, filed for liquidation of the tyre firm with NCLT

Raising hopes for the revival of Pawan Ruia’s Falcon Tyres, Edelweiss has withdrawn its plea in the Supreme Court against a Karnataka High Court order shooting down the company's original plea seeking liquidation of the tyre manufacturer.

This comes after the apex court's hearing of Ruia’s plea. Ruia claimed to have not been given time to respond to the notices sent by the National Company Law Tribunal (NCLT) regarding the matter. 

The company had faced lockdown and its address had become redundant. 

After the Karnataka HC ruled in Ruia’s favour, Edelweiss filed a plea in the Supreme Court against Falcon