# In the matter of Sachin Electricals Pvt. Ltd. IA-1851-2021 in IB-2069-ND-2019

> NCLT judgment dated 2021-05-18. Citation: TCN-2021-NCLT-02125. The Interim Resolution Professional (IRP) filed an application to withdraw the Company Petition…

- **Court:** NCLT
- **Order date:** 18 May 2021
- **Citation:** TCN-2021-NCLT-02125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sachin-electricals-pvt-ltd-ia-1851-2021-in-ib-2069-nd-2019-4ce23782

## Summary

### Background

The Interim Resolution Professional (IRP) filed an application to withdraw the Company Petition No. 2069/ND/2019, based on a settlement between the parties. Initially, the Form FA was signed by the IRP instead of the applicant, which led the NCLT to direct the IRP to file a fresh Form FA duly signed by the applicant. The applicant filed an affidavit enclosing the Form FA, and the IRP informed that the Committee of Creditors (CoC) was constituted. However, the withdrawal was not initially approved by the CoC. The matter was listed for hearing, and the IRP filed an affidavit enclosing the minutes of the CoC.

## Facts

Nanglia Bros. Pvt Ltd filed a company petition (2069/ND/2019) against Sachin Electricals Pvt Ltd. The Interim Resolution Professional (IRP) sought permission to withdraw the petition due to a settlement. Initially, the Form FA was incorrectly signed by the IRP, not the applicant. The NCLT directed the IRP to rectify this. The applicant then filed an affidavit with the correctly signed Form FA. The Committee of Creditors (CoC) was formed, consisting solely of the Operational Creditor. The Operational Creditor settled with the CoC, and the CoC approved the withdrawal application with unanimous consent. The IRP confirmed receipt of all payments. The applicant's application for CIRP was the basis for the initial petition, and the CoC approved the withdrawal.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the Company Petition No. 2069/ND/2019 given …

**Ratio:** The legal principle is that if the applicant, on whose application the CIRP was

…

**Reasoning:** The court reasoned that since the Form FA was duly signed by the applicant, and the CoC

…

**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

…

**Application:** In this case, the applicant sought to withdraw the application based on a

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Nanglia Bros. Pvt…
- **Respondents:** Sachin Electricals…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2021-04-27 — Direction to File Fresh…**: The Bench directed the IRP to file a fresh…

## 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)

---

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/sachin-electricals-pvt-ltd-ia-1851-2021-in-ib-2069-nd-2019-4ce23782