# In the matter of Aanchal Ispat Limited I.A. (IB) No. 1052 of 2020 In C.P (IB) No. 1129-KB-2019

> NCLT judgment dated 2020-10-12. Citation: TCN-2020-NCLT-00413. The case involves an application (I.A No. 1052 of 2020) filed by the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 12 Oct 2020
- **Citation:** TCN-2020-NCLT-00413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aanchal-ispat-limited-ia-ib-no-1052-of-2020-in-cp-ib-no-1129-kb-2019-4c196648

## Summary

### Background

The case involves an application (I.A No. 1052 of 2020) filed by the Resolution Professional of AanchalIspat Limited (In CIRP) seeking the withdrawal and dismissal of C.P (IB) No. 1129/KB/2019. The Corporate Debtor, AanchalIspat Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application filed by the Operational Creditor, ShyamMetalics and Energy Limited. An order was passed on February 21, 2020, admitting the Corporate Debtor into CIRP. Mr. BijayMurmuria was initially appointed as the Interim Resolution Professional, later replaced by the current applicant.

## Facts

ShyamMetalics and Energy Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against AanchalIspat Limited, the Corporate Debtor, by filing C.P (IB) No. 1129/KB/2019. The Tribunal admitted the Corporate Debtor into CIRP on February 21, 2020. Mr. BijayMurmuria was appointed as the Interim Resolution Professional, and later replaced by Mr. Santanu Brahma as the Resolution Professional. The Committee of Creditors (CoC) comprised KarurVysya Bank and Axis Bank. Subsequently, ShyamMetalics and Energy Limited settled the matter with the suspended Board of Directors of AanchalIspat Limited and sought to withdraw the CIRP. The Operational Creditor submitted Form FA and a Bank Guarantee of Rs. 25 Lakhs. The CoC approved the withdrawal with

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** The legal principle applied is that if the Operational Creditor and the Corporate Debtor

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**Reasoning:** The Tribunal reasoned that since the Operational Creditor, ShyamMetalics and Energy

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**Interpretation:** This interpretation acknowledges the importance of settlements between parties

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**Application:** In this specific case, the Operational Creditor settled with the Corporate

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## Parties

- **Judges:** Madan B.…; Harish Chan…
- **Respondents:** M/S AanchalIspat…
- **Advocates:** Noyel…; Manju Bhu…; +3 more

## Timeline

- **2020-02-21 — Order for CIRP…**: The Tribunal passed an order admitting AanchalIspat Limited into Corporate Insolvency…
- **2020-02-26 — Public Annou…**: The Interim Resolution Professional made a public announcement and invited claims from…

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