# In the matter of Sai Solar Technology Private Limited CA No. 128-2019 in (IB)-1608-(ND)-2018

> NCLT judgment dated 2019-05-03. Citation: TCN-2019-NCLT-03527. This case involves an application for the withdrawal of CP(IB)-1608/ND/2018. The Committee of…

- **Court:** NCLT
- **Order date:** 3 May 2019
- **Citation:** TCN-2019-NCLT-03527
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-solar-technology-private-limited-ca-no-128-2019-in-ib-1608-nd-2018-a2354837

## Summary

### Background

This case involves an application for the withdrawal of CP(IB)-1608/ND/2018. The Committee of Creditors (COC) has not been constituted, and all Corporate Insolvency Resolution Process (CIRP) costs have been paid to the Resolution Professional. The application is based on the judgment of the Hon'ble Supreme Court in Swiss Ribbons Versus Union of India.

## Facts

M/s. V J Electro Sales filed an application against Sai Solar Technology Private Limited. The application CP(IB)-1608/ND/2018 was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The COC was not constituted, and all CIRP costs were paid to the Resolution Professional. The Resolution Professional, Mr. Rajiv Bajaj, confirmed that no other claims were received in response to the public notice. The application for withdrawal was based on the judgment of the Hon'ble Supreme Court in Swiss Ribbons Versus Union of India. The admission order dated 27.03.2019 was nullified.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP(IB)-1608/ND/2018 should be allowed given that the COC …

**Ratio:** An application for withdrawal can be allowed if the COC has not been constituted and all

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**Reasoning:** The court reasoned that since the COC was not constituted and all CIRP costs were paid,

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**Interpretation:** This interprets the provisions of the IBC to allow for withdrawal of an

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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…; S. K. MOH…
- **Appellants:** M/s. V J Electro…
- **Respondents:** Sai Solar…

## Timeline

- **2019-01-25 — Swiss Ribbons…**: The Hon'ble Supreme Court decided Swiss Ribbons Versus Union of India Writ…
- **2019-03-27 — Admission…**: The admission order for the company…

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