# In the matter of Dhanyasree Precision Pvt. Ltd. IA-254-2020 in IBA-408-2019

> NCLT judgment dated 2020-09-22. Citation: TCN-2020-NCLT-00553. The application was filed seeking withdrawal of the application under Section 30A(1)(a) of the…

- **Court:** NCLT
- **Order date:** 22 Sept 2020
- **Citation:** TCN-2020-NCLT-00553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanyasree-precision-pvt-ltd-ia-254-2020-in-iba-408-2019-52cb8bb3

## Summary

### Background

The application was filed seeking withdrawal of the application under Section 30A(1)(a) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Hon'ble NCLAT had directed that the application seeking withdrawal was required to be filed within a period of two weeks. The application was filed on 11.02.2020 within a period of two weeks.

## Facts

An application was filed seeking withdrawal under Section 30A(1)(a) of the Insolvency & Bankruptcy Board of India Regulations, 2016. The Hon'ble NCLAT directed the withdrawal application to be filed within two weeks, and it was filed on 11.02.2020 within that timeframe. The application included Form-FA dated 19.11.2019 and an affidavit from the operational creditor. The representative of the Respondent highlighted the NCLAT order. The CIRP initiated against the Corporate Debtor was withdrawn, the power of suspended directors was restored, and the Interim Resolution Professional was instructed to hand over records and assets to the Corporate Debtor's board.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application should be allowed under Section …

**Ratio:** The tribunal is required to dispose of the application seeking withdrawal in terms of the

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**Reasoning:** The tribunal considered the application, annexures, Form-FA, and the affidavit executed

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**Interpretation:** Section 30A(1)(a) allows for the withdrawal of an application under certain

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**Application:** The tribunal allowed the application for withdrawal based on the documents

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** AR RA…
- **Respondents:** SWAMINATHAN…

## Timeline

- **2020-09-22 — Hearing…**: Hearing held on 22.09.2020 at 10.30…
- **2020-02-11 — Application Fi…**: The application was filed on 11.02.2020 within a…

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