# In the matter of Krishna Assets Developers Pvt. Ltd. IB-626(PB)-2019

> NCLT judgment dated 2019-10-09. Citation: TCN-2019-NCLT-01073. The case involves an application for withdrawal of CP No. (IB)-626(PB)/2019, which was admitted…

- **Court:** NCLT
- **Order date:** 9 Oct 2019
- **Citation:** TCN-2019-NCLT-01073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-assets-developers-pvt-ltd-ib-626pb-2019-9e183eff

## Summary

### Background

The case involves an application for withdrawal of CP No. (IB)-626(PB)/2019, which was admitted on 24.09.2019. The basis for the withdrawal is that a settlement has been reached, and the applicant no longer wishes to pursue the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The IRP also confirmed that only one petition was filed against the corporate debtor, and the Committee of Creditors (CoC) has not yet been constituted.

## Facts

Mrs. Ruby Kumari filed an application/petition against M/s. Krishna Assets Developers Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The application, CP No. (IB)-626(PB)/2019, was admitted on 24.09.2019, and Mr. Akarsh Kashyap was appointed as the Interim Resolution Professional (IRP). Subsequently, an application was filed for the withdrawal of the CP No. (IB)-626(PB)/2019 based on a settlement between the parties. The IRP stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The Committee of Creditors (CoC) has not yet been constituted. The court considered the application for withdrawal based on the settlement and the principles laid down in the Swiss Ribbons case.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** The court can allow the withdrawal of a CIRP application if a settlement has been reached

…

**Reasoning:** The court considered the fact that a settlement had been reached between the parties, no

…

**Interpretation:** The legal issue revolves around the permissibility of withdrawing a CIRP

…

**Application:** In this case, the court applied the ratio by considering the settlement between

…

## Parties

- **Judges:** M. M. K…; Saroj Ra…
- **Appellants:** Ruby Ku…
- **Respondents:** M/s. Krishna…

## Timeline

- **2019-09-24 — Admission of CP No.…**: CP No. (IB)-626(PB)/2019 was admitted, and Mr. Akarsh Kashyap was appointed as the…
- **2019-10-09 — Order del…**: The court delivered an order allowing the withdrawal of the CP No. (IB)-626(PB)/2019…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/krishna-assets-developers-pvt-ltd-ib-626pb-2019-9e183eff