# In the matter of Cooltech Containers Pvt. Ltd. IA-26(AHM) 2021 in CP(IB) 599 of 2019

> NCLT judgment dated 2021-07-13. Citation: TCN-2021-NCLT-01768. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 13 Jul 2021
- **Citation:** TCN-2021-NCLT-01768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cooltech-containers-pvt-ltd-ia-26ahm-2021-in-cpib-599-of-2019-9aa172ea

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) filed by the original Operational Creditor. The Interim Resolution Professional (IRP) had not taken any steps in the CIRP process. IA 26 of 2021 was filed for the withdrawal of CIRP.

## Facts

Salem Stainless Steel Suppliers Pvt Ltd filed an application against Cooltech Containers Pvt Ltd. IA 26 of 2021 was filed by the original Operational Creditor for withdrawal of CIRP. The IRP had not taken any steps in the CIRP process. The court replaced the existing IRP with Mr. Rajubhai Patel, Registration No.IBBI / IPA-003/IP-N00031/2017-18/10259. The erstwhile IRP is directed to handover all the documents / records to the new IRP forthwith.

## Issues and analysis

### Issue 1: Whether the application for …

**Ratio:** The court has the discretion to allow the withdrawal of CIRP application if it deems fit,

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**Reasoning:** The court noted that there was no settlement and the applicant sought to withdraw the

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**Interpretation:** This reflects the court's power to permit withdrawal of CIRP applications,

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**Application:** The court applied this principle by allowing the withdrawal of IA 26 of 2021,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Salem Stainless…
- **Respondents:** Cooltech Container…
- **Advocates:** Nilu K. Vai…; Vaibha…

## Timeline

- **2021-07-13 — Order Del…**: Order delivered on the application for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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