# In the matter of New Town Grand LLP CA(IB)No. 1692-KB-2019 in CP(IB)No. 466-KB-2019

> NCLT judgment dated 2019-12-18. Citation: TCN-2019-NCLT-00093. The case involves Spectrum Artcomm Pvt. Ltd. as the operational creditor and New Town Grand…

- **Court:** NCLT
- **Order date:** 18 Dec 2019
- **Citation:** TCN-2019-NCLT-00093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-town-grand-llp-caibno-1692-kb-2019-in-cpibno-466-kb-2019-ab400188

## Summary

### Background

The case involves Spectrum Artcomm Pvt. Ltd. as the operational creditor and New Town Grand Realtors LLP as the corporate debtor, which is undergoing Corporate Insolvency Resolution Process (CIRP). The initial IRP sought to withdraw due to being overburdened. The court appointed a new IRP, Shri Nitesh Mor.

## Facts

Spectrum Artcomm Pvt. Ltd. initiated CIRP against New Town Grand Realtors LLP. The Corporate Debtor is already admitted for CIRP. The initial IRP filed CA(IB) No. 1692/KB/2019 seeking withdrawal due to being overburdened. The court allowed the withdrawal and appointed Nitesh Mor as the new IRP. The operational creditor and corporate debtor did not appear in court. The matter was adjourned to 25.03.2020 for the IRP's personal appearance.

## Issues and analysis

### Issue 1: Whether the initial IRP should be allowed to …

**Ratio:** An IRP can be allowed to withdraw if there are valid reasons, such as being overburdened,

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**Reasoning:** The court considered the IRP's request for withdrawal due to being overburdened and

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**Interpretation:** The interpretation is that the court has the discretion to allow an IRP to

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**Application:** The court applied this principle by allowing the initial IRP to withdraw,

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Spectrum Artcomm…
- **Respondents:** New Town Grand…

## Timeline

- **2019-12-18 — Hearing…**: Hearing on CA(IB) No. 1692/KB/2019…
- **2020-02-11 — Next Hearin…**: The matter was scheduled…

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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/new-town-grand-llp-caibno-1692-kb-2019-in-cpibno-466-kb-2019-ab400188