# In the matter of Accord Electropower Pvt. Ltd. CP No. (IB) 36-ALD-2021

> NCLT judgment dated 2021-10-27. Citation: TCN-2021-NCLT-00687. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 27 Oct 2021
- **Citation:** TCN-2021-NCLT-00687
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/accord-electropower-pvt-ltd-cp-no-ib-36-ald-2021-ddfa581a

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) application filed by the Operational Creditor. The counsel for the Operational Creditor appeared and submitted that an application for withdrawal had already been filed, but it was not yet on record. They requested an additional date, stating that the Corporate Debtor had provided post-dated checks. They also requested the liberty to revive the application if settlement fails.

## Facts

The Operational Creditor filed a CIRP application. The Operational Creditor's counsel requested withdrawal of the application, stating that a withdrawal application was already filed but not yet recorded. The Corporate Debtor provided post-dated checks, suggesting a potential settlement. The Operational Creditor requested liberty to revive the application if the settlement fails. The court considered these submissions.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be …

**Ratio:** The court has the discretion to allow the withdrawal of a CIRP application, especially

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**Reasoning:** The court considered the submissions made by the counsel for the Operational Creditor and

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**Interpretation:** This reflects the court's interpretation of the IBC to encourage settlements

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**Application:** The court applied this principle to the present case, allowing the Operational

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## Parties

- **Judges:** Rohit K…; Virendra Kumar…; +1 more
- **Respondents:** BR INDUSTRI…

## Timeline

- **2021-10-27 — Hearing…**: Hearing held on October 27, 2021, at 2:30 PM regarding the withdrawal of the CIRP…

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