# 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-01772. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 13 Jul 2021
- **Citation:** TCN-2021-NCLT-01772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cooltech-containers-pvt-ltd-ia-26ahm-2021-in-cpib-599-of-2019-df84f04c

## 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. The applicant sought to withdraw IA 26 of 2021.

## Facts

Salem Stainless Steel Suppliers Pvt Ltd filed an application under Section 9 of the IBC against Cooltech Containers Pvt Ltd. IA 26 of 2021 was filed by the original Operational Creditor for withdrawal of the CIRP. The IRP had not taken any steps in the CIRP. There was no settlement between the parties. The court replaced the existing IRP with Mr. Rajubhai Patel.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of …

**Ratio:** An operational creditor can withdraw an application for CIRP under certain circumstances,

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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 principle that the initiation and continuation of CIRP are

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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…**: The order was delivered on July 13, 2021, regarding the withdrawal of IA 26 of 2021 and…

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