# In the matter of Leedskem (India) Ltd. MA 1257-2019 in C.P. (IB)4143(MB)-2018

> NCLT judgment dated 2019-06-13. Citation: TCN-2019-NCLT-02933. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 13 Jun 2019
- **Citation:** TCN-2019-NCLT-02933
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/leedskem-india-ltd-ma-1257-2019-in-cp-ib4143mb-2018-17ac40f1

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) that was admitted by the National Company Law Tribunal (NCLT). The petitioner's counsel and the IRP are present. The IRP states that no claims were received, and consequently, a Committee of Creditors (COC) was not constituted. The Operational Creditor/Petitioner filed Form FA for withdrawal of the petition.

## Facts

Sanjay Chemicals (India) Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Leedskem (India) Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted by the NCLT. Subsequently, the Interim Resolution Professional (IRP) filed an application under Section 12A of the Code for withdrawal of the CIRP, stating that no claims were received, and a Committee of Creditors (COC) was not constituted. The Operational Creditor/Petitioner filed Form FA for withdrawal of the petition. The parties had amicably settled the matter, and the petitioner received the entire amount due. The NCLT considered the Supreme Court's judgment in 'Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others', which clarified the

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## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of a Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** The ratio is based on the interpretation of Section 12A of the IBC in conjunction with

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**Reasoning:** The court reasoned that since no claims were received, and a COC was not constituted, the

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**Interpretation:** Section 12A allows for withdrawal of application after admission, but the

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**Application:** In this specific case, the IRP filed for withdrawal because no claims were

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Sanjay Chemicals…
- **Respondents:** Leedskem (India)…

## Timeline

- **2019-03-06 — Admission…**: The Corporate Insolvency Resolution Process (CIRP) against Leedskem (India) Ltd. was…
- **2019-06-13 — Order for Wit…**: The NCLT allowed the application for withdrawal of the CIRP, recalled the CIRP order, and…

## 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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