# In the matter of Shraddha Buildcon Pvt. Ltd. Vs. The Dhar Textile Mills Ltd.  Company Appeal (AT)(Ins) No. 1128/2022

> NCLAT judgment dated 2022-09-28. Citation: TCN-2022-NCLAT-00184. The appeal was filed against the order dated 21.07.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 28 Sept 2022
- **Citation:** TCN-2022-NCLAT-00184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shraddha-buildcon-pvt-ltd-vs-the-dhar-textile-mills-ltd-company-appeal-67c4ec57

## Summary

### Background

The appeal was filed against the order dated 21.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) in I.A. No. 88 of 2020 filed by the Appellant. The Adjudicating Authority rejected the I.A. The CIRP against the Corporate Debtor was initiated by order dated 15.02.2019. The Resolution Plan submitted by the Appellant was approved by the Committee of Creditors on 07.02.2020. Before the Plan could be approved, the Appellant filed an application to send the Plan back to the Committee of Creditors for resubmission, ensuring its effective implementation. The Adjudicating Authority approved the Plan by order dated 04.06.2020. The Appellant filed I.A. No. 88 of 2020 seeking permission to withdraw the resolution plan dated 24.10.2019.

## Facts

Shraddha Buildcon Pvt. Ltd. (Appellant) filed an appeal against the order dated 21.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) in I.A. No. 88 of 2020. The CIRP against The Dhar Textile Mills Ltd. (Corporate Debtor) was initiated on 15.02.2019. The Appellant's Resolution Plan was approved by the Committee of Creditors on 07.02.2020. Before the plan could be approved, the Appellant filed an application to send the plan back to the Committee of Creditors for resubmission. The Adjudicating Authority approved the plan on 04.06.2020. The Appellant then filed I.A. No. 88 of 2020 seeking to withdraw the resolution plan dated 24.10.2019, citing financial difficulties. The Adjudicating Authority rejected the application, relying on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application to withdraw …

**Ratio:** The court held that vesting any power in the Successful Resolution Applicant to withdraw

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**Reasoning:** The court reasoned that allowing withdrawal after the plan has been approved would have a

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**Interpretation:** The court interpreted the IBC as a comprehensive process designed to revive

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**Application:** The court applied this ratio to the specific facts of the case, noting that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Shraddha Buildcon…
- **Respondents:** The Dhar Textile…
- **Advocates:** Nakul D…; Neil Chat…; +4 more

## Timeline

- **2019-02-15 — CIRP Init…**: CIRP against the Corporate Debtor was…
- **2019-10-24 — Resolution Pl…**: Resolution plan dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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