# In the matter of MVL Ltd. (IB)-67(PB)-2019

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02695. An application was filed for the withdrawal of CP No. (IB)-67(PB)/2019, which had been admitted…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02695
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mvl-ltd-ib-67pb-2019-f18f8fd5

## Summary

### Background

An application was filed for the withdrawal of CP No. (IB)-67(PB)/2019, which had been admitted on 2019-06-13, triggering the Corporate Insolvency Resolution Process (CIRP) for the corporate debtor. An Interim Resolution Professional (IRP), Mr. Arun Jain, was appointed and issued a public notice on 2019-06-22. Before the Committee of Creditors (CoC) could be constituted, the parties settled the matter. The application was filed in view of the law laid down by the Supreme Court in the case of Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors.

## Facts

Mohit Kumar Arora filed an application against M/s. MVL Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 2019-06-13, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Arun Jain was appointed as the Interim Resolution Professional (IRP) and issued a public notice on 2019-06-22. Before the Committee of Creditors (CoC) could be formed, the parties reached a settlement. The application for withdrawal of the CIRP was filed, citing the Supreme Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors. The IRP confirmed that all dues, including fees and expenses amounting to Rs. 2 Lacs, were paid via a post-dated cheque dated 2019-07-05. The corporate debtor did not raise any objections to the

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## Issues and analysis

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

**Ratio:** The legal principle applied is based on the Supreme Court's judgment in Swiss Ribbons

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**Reasoning:** The court reasoned that since the parties had settled the matter before the CoC was

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

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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:** M. M. K…; DEEPTI M…
- **Appellants:** Mohit Kumar…
- **Respondents:** M/s. MVL…
- **Advocates:** Misha Ro…; Nakul M…; +3 more

## Timeline

- **2019-01-25 — Swiss Ribbons Pvt. Ltd.…**: Supreme Court delivered judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and…
- **2019-06-13 — CIRP Admi…**: CP No. (IB)-67(PB)/2019 admitted, triggering the Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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