# In the matter of Asveens Forgings Pvt. Ltd. MA-253-2019 in CP-195-IB-2018

> NCLT judgment dated 2019-04-26. Citation: TCN-2019-NCLT-03669. The case involves an application (MA/253/2019) within a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 26 Apr 2019
- **Citation:** TCN-2019-NCLT-03669
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asveens-forgings-pvt-ltd-ma-253-2019-in-cp-195-ib-2018-009ff56a

## Summary

### Background

The case involves an application (MA/253/2019) within a corporate insolvency resolution process (CP/195/IB/2018). The applicant, who is the Resolution Professional, filed a withdrawal memo. The National Company Law Tribunal (NCLT), Chennai Bench, was hearing the matter.

## Facts

The case originates from a Corporate Insolvency Resolution Process (CIRP) initiated under CP/195/IB/2018. An application, MA/253/2019, was filed within this CIRP. The applicant, acting as the Resolution Professional, submitted a withdrawal memo. The NCLT, Chennai Bench, presided over the matter. The petitioner is Muthuiah Thevar Rajapandian and the respondent is Asveens Forgings Pvt Ltd. The application was dismissed as withdrawn. The Resolution Professional was directed to file an additional affidavit.

## Issues and analysis

### Issue 1: Whether the application MA/253/2019 should be dismissed as withdrawn based on the withdrawal memo …

**Ratio:** The legal principle is that an applicant can withdraw an application, and the court

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**Reasoning:** The court reasoned that since the Resolution Professional, who is the applicant, filed a

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**Interpretation:** This reflects the procedural aspect of legal proceedings where parties have the

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**Application:** In this case, the Resolution Professional's withdrawal memo was the basis for

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** MUTHUIAH THEVAR…
- **Respondents:** ASVEENS FORGINGS…

## Timeline

- **2018-01-01 — Initiation…**: Corporate Insolvency Resolution…
- **2019-04-26 — Hearing…**: Hearing held at NCLT…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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