# In the matter of Saffron Poly Threads Pvt. Ltd. IA-258(AHM) 2021 in CP (IB) No. 185-9-NCLT-AHM-2019

> NCLT judgment dated 2021-04-07. Citation: TCN-2021-NCLT-02447. The case involves IA/258(AHM) 2021 in CP (IB) No. 185/9/NCLT/AHM/2019 before the National…

- **Court:** NCLT
- **Order date:** 7 Apr 2021
- **Citation:** TCN-2021-NCLT-02447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saffron-poly-threads-pvt-ltd-ia-258ahm-2021-in-cp-ib-no-185-9-nclt-ahm-2019-afceb624

## Summary

### Background

The case involves IA/258(AHM) 2021 in CP (IB) No. 185/9/NCLT/AHM/2019 before the National Company Law Tribunal, Ahmedabad Bench. The IRP filed IA No. 258 of 2021 under Section 30A of the IBC 2016. The parties have settled the matter and prayed for withdrawal.

## Facts

APL Corporation Pvt. Ltd. initiated insolvency proceedings against Saffron Poly Threads Pvt Ltd. The IRP filed IA No. 258 of 2021 under Section 30A of the IBC 2016. All parties involved, including the IRP, the CoC, and the suspended management, reached a settlement and requested the court to allow the withdrawal of the application. The court noted no objections to the withdrawal. The Corporate Debtor was directed to pay Rs. 10,000 to the PM Cares Fund. The main CP was removed from the cause list, indicating the closure of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether IA No. 258 of 2021 filed under Section 30A of the IBC 2016 should be allowed and disposed …

**Ratio:** Section 30A of the IBC 2016 allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the settlement reached between the parties, including the IRP, the

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**Interpretation:** Section 30A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the parties settled the matter, and the IRP filed IA No. 258 of

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** APL Corporation…
- **Respondents:** Saffron Poly…

## Timeline

- **2021-04-07 — Hearing…**: Attendance-cum-order sheet of the hearing before the National Company Law Tribunal,…
- **2021-01-01 — IA No. 258/202…**: IA No. 258 of 2021 is filed by IRP…

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