# In the matter of Lucra Jewels Pvt. Ltd. CA.702-ND-2018 in IB-112(ND)-2018

> NCLT judgment dated 2021-01-27. Citation: TCN-2021-NCLT-03229. The case involves an application filed by the Resolution Professional seeking withdrawal of IB…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lucra-jewels-pvt-ltd-ca702-nd-2018-in-ib-112nd-2018-990b0433

## Summary

### Background

The case involves an application filed by the Resolution Professional seeking withdrawal of IB No. 112/ND/2018. The Resolution Professional stated that in the 4th CoC Meeting, the sole CoC Member, M/s SRS Limited, passed a resolution to seek withdrawal of IB-112/ND/2018 for reasons recorded in the minutes. The company does not have any assets, and various proceedings against the company by statutory authorities are in progress.

## Facts

The Resolution Professional filed an application seeking withdrawal of IB No. 112/ND/2018. In the 4th CoC Meeting, M/s SRS Limited, the sole CoC member, passed a resolution to withdraw the application. The company lacks assets, and statutory authorities have initiated various proceedings against it. The Resolution Professional has also filed a statement regarding pending fees. The relevance of these facts is that they support the withdrawal of the insolvency application due to the company's lack of assets and ongoing legal issues.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IB No. 112/ND/2018 should be allowed given the resolution …

**Ratio:** The court can allow the withdrawal of an insolvency application if the CoC has approved

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**Reasoning:** The court considered the submission made and the documents on record, including the

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**Interpretation:** This legal issue involves interpreting the provisions of the Insolvency and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Liquidator of…
- **Respondents:** SRS Lim…; M/s. Lucra Jewels…

## Timeline

- **2018-01-01 — Initiation of IB No.…**: IB No. 112/ND/2018 was…
- **2019-01-01 — Filing of CA No.…**: An application (CA No. 702/ND/2019) was filed by the Resolution Professional seeking…

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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/lucra-jewels-pvt-ltd-ca702-nd-2018-in-ib-112nd-2018-990b0433