# In the matter of Apple Tiles Pvt. Ltd. IA-216(AHM)-2021 in CP(IB) 471 of 2019

> NCLT judgment dated 2021-03-23. Citation: TCN-2021-NCLT-02611. The case involves an application (IA No. 216 of 2021) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 23 Mar 2021
- **Citation:** TCN-2021-NCLT-02611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apple-tiles-pvt-ltd-ia-216ahm-2021-in-cpib-471-of-2019-6d5f5f42

## Summary

### Background

The case involves an application (IA No. 216 of 2021) filed by the Interim Resolution Professional (IRP) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) application on the grounds of settlement between the parties. The Committee of Creditors (CoC) has not been formed, and no objections to the withdrawal have been raised.

## Facts

The Interim Resolution Professional (IRP) filed IA No. 216 of 2021 seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) application. The basis for the withdrawal was a settlement reached between the parties involved. Crucially, the Committee of Creditors (CoC) had not yet been formed. No party raised any objection to the proposed withdrawal. The original operational creditor was represented by Mr. Amrish Gandhi, while the Resolution Professional (RP) did not appear. The application was filed in relation to CP(IB) 471 of 2019.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP filed by the IRP should be allowed based on the …

**Ratio:** When parties have settled and no Committee of Creditors (CoC) has been formed, and no

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**Reasoning:** The court reasoned that since the parties had settled, the CoC was not formed, and no

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**Interpretation:** This interpretation suggests that the court prioritizes settlements between

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**Application:** In this case, the IRP filed for withdrawal based on a settlement. The CoC was

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** SVM Cera P…

## Timeline

- **2021-03-23 — Hearing…**: Hearing before the Ahmedabad Bench of…
- **2021-01-01 — Filing of IA No. 216 of…**: IA No. 216 of 2021 is filed by the IRP for…

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