# In the matter of Gajanand Creation Pvt. Ltd. IA 237 of 2020 in C.P. (I.B) No. 42-NCLT-AHM-2020

> NCLT judgment dated 2020-05-28. Citation: TCN-2020-NCLT-01306. The case involves an application (IA 237 of 2020) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 28 May 2020
- **Citation:** TCN-2020-NCLT-01306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gajanand-creation-pvt-ltd-ia-237-of-2020-in-cp-ib-no-42-nclt-ahm-2020-599bb286

## Summary

### Background

The case involves an application (IA 237 of 2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under C.P.(I.B) No. 42/NCLT/AHM/2020. The application seeks withdrawal of the CIRP, which was admitted on 2020-03-17. The Operational Creditor, through its PCS, has stated that the Corporate Debtor has paid the due amount. The Committee of Creditors (COC) has not yet been constituted.

## Facts

The following facts are relevant: An application (IA 237 of 2020) was filed in C.P.(I.B) No. 42/NCLT/AHM/2020. The application was filed under Section 60(5) r.w. Section 12A of the IB Code r.w. Regulation 30A & Rule 11 of NCLT Rules, 2016, seeking withdrawal of the CIRP. The CIRP was admitted on 2020-03-17. The Operational Creditor stated that the Corporate Debtor had paid the due amount. The Petitioner intends to withdraw the C.P. (I.B) No. 42/2020. The COC is not yet constituted. The IRP, Mr. Kailash T Shah, provided a 'no objection' certificate. The application is filed under section-9 of the IB Code.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed, considering the Corporate …

**Ratio:** The legal principle is that a CIRP can be withdrawn if the Corporate Debtor settles the

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**Reasoning:** The court reasoned that since the Operational Creditor confirmed the payment of dues by

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**Interpretation:** The interpretation of Section 60(5) r.w. Section 12A of the IB Code and

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**Application:** In this specific case, the ratio and reasoning are applied to the facts that

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Morden Metaalics…

## Timeline

- **2020-03-17 — CIRP Admi…**: The Corporate Insolvency…
- **2020-05-28 — Order Da…**: The court allowed the…

## 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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