# In the matter of MDI Laboratories India Pvt. Ltd. M.A. 2472-2019 in C.P. (IB)-1785(MB)-2018

> NCLT judgment dated 2019-07-15. Citation: TCN-2019-NCLT-02540. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 15 Jul 2019
- **Citation:** TCN-2019-NCLT-02540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mdi-laboratories-india-pvt-ltd-ma-2472-2019-in-cp-ib-1785mb-2018-00d969ea

## 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 on 17.06.2019. The petitioner's counsel and the IRP are present. The IRP submits that no claims were received, and consequently, the Committee of Creditors (COC) was not constituted. Form FA has been filed by the Operational Creditor/Petitioner for withdrawal of the Petition.

## Facts

Tangent Services initiated a Corporate Insolvency Resolution Process (CIRP) against MDI Laboratories India Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 17.06.2019. Subsequently, the Interim Resolution Professional (IRP) filed an application (MA 2472/2019) under Section 12A of the IBC for withdrawal of the CIRP, stating that no claims were received, and the Committee of Creditors (COC) was not constituted. The Operational Creditor/Petitioner filed Form FA for withdrawal of the petition. The matter was amicably settled between the parties, and the petitioner received the entire amount. The IRP's fees and expenses were paid by the Corporate Debtor.

## Issues and analysis

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

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

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

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**Interpretation:** The interpretation is that Section 12A allows for withdrawal of CIRP with the

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**Application:** In this case, the application of the ratio and reasoning means that since the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Tangent Se…
- **Respondents:** MDI Laboratories…

## Timeline

- **2019-06-17 — Admission o…**: The Corporate Insolvency Resolution Process (CIRP) against MDI Laboratories India Pvt.…
- **2019-07-15 — 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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