# In the matter of Rayban Foods Pvt. Ltd. IB-2220-ND-2019

> NCLT judgment dated 2020-01-30. Citation: TCN-2020-NCLT-02124. The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw…

- **Court:** NCLT
- **Order date:** 30 Jan 2020
- **Citation:** TCN-2020-NCLT-02124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rayban-foods-pvt-ltd-ib-2220-nd-2019-4d666125

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw the application under the Insolvency and Bankruptcy Code (IBC). The IRP had received claims from M/s Brite Paper Product and M/s ESS AAR Pack, which have since been settled with the Corporate Debtor (CD). The Corporate Debtor was M/s Rayban Foods Pvt Ltd.

## Facts

The Interim Resolution Professional (IRP) received claims from M/s Brite Paper Product for Rs. 2,49,154/- and M/s ESS AAR Pack for Rs. 27,17,202/-. These claims were settled with the Corporate Debtor (CD). The IRP filed CA-192/C-V/ND/2019 seeking permission to withdraw the application. No one appeared on behalf of the CD. The IRP confirmed that no claims were pending, and he had received his costs and fees. No Committee of Creditors (CoC) was constituted. The application was filed under Section 12(a) of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the IRP should be allowed to withdraw the application under Section 12(a) of the IBC, 2016, …

**Ratio:** The legal principle is that if the IRP has settled all claims and received his fees and

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**Reasoning:** The court reasoned that since the IRP had settled all claims and received his fees and

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**Interpretation:** Section 12(a) of the IBC allows for the withdrawal of an application under

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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:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s Supreme…
- **Respondents:** M/s Rayban Foods…

## Timeline

- **2022-09-22 — Date of Prese…**: Date of presentation of…
- **2020-01-14 — Earlier Ord…**: Reference to an earlier…

## 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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