# 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-02934. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 13 Jun 2019
- **Citation:** TCN-2019-NCLT-02934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/leedskem-india-ltd-ma-1257-2019-in-cp-ib4143mb-2018-9430578a

## 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 the 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 has filed Form FA for the 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 IBC for withdrawal of the CIRP, stating that no claims were received, and a Committee of Creditors (COC) was not constituted. The petitioner's counsel submitted that the matter was amicably settled, and the entire amount was received. The NCLT considered the Supreme Court's ruling in 'Swiss Ribbons Pvt. Ltd. & Another Vs Union of India & Others' and Rule 11 of the NCLT Rules, 2016, before allowing the withdrawal. The Corporate Debtor paid the

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## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of a CIRP application under Section 12A of the IBC before …

**Ratio:** The ratio is based on the Supreme Court's observation in 'Swiss Ribbons Pvt. Ltd. &

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**Reasoning:** The court reasoned that since no COC was formed and the matter was amicably settled, it

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**Interpretation:** This interprets Section 12A of the IBC in conjunction with the Supreme Court's

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**Application:** The ratio and reasoning were applied to the specific facts where the IRP

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## Parties

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

## Timeline

- **2019-03-06 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against Leedskem (India) Ltd. was…
- **2019-06-13 — Order for Wit…**: The NCLT passed an order allowing the withdrawal of the CIRP application, recalling the…

## 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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