# In the matter of Shri Banke Bihari Cotfab Pvt. Ltd. IA-3624-2021 in (IB)-258(ND)2020

> NCLT judgment dated 2021-08-27. Citation: TCN-2021-NCLT-01263. The Applicant/IRP filed an application for the withdrawal of IB-258/2020. The Ld. Counsel for…

- **Court:** NCLT
- **Order date:** 27 Aug 2021
- **Citation:** TCN-2021-NCLT-01263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-banke-bihari-cotfab-pvt-ltd-ia-3624-2021-in-ib-258nd2020-d02f1cde

## Summary

### Background

The Applicant/IRP filed an application for the withdrawal of IB-258/2020. The Ld. Counsel for the IRP submitted that he had already filed the affidavit enclosing the Resolution of the CoC on August 25, 2021, but the same was not uploaded on the DMS. The counsel shared documents showing the CoC resolution dated August 13, 2021, and submitted that the CoC resolved and gave consent to withdraw the application IB-258/2020.

## Facts

Arora Vinyl Pvt. Ltd. filed an application (IA-3624/2021) to withdraw IB-258/2020. The CIRP process was initiated against the Corporate Debtor based on an application by the Operational Creditor, who signed Form-FA. A settlement was reached between the parties after the CoC was constituted. The CoC resolved to authorize the IRP to file a withdrawal application, with the resolution being approved by 100% voting share. The IRP confirmed that all fees and expenses had been received. The resolution of CoC is on pages 32 & 46 of the Affidavit filed by the IRP.

## Issues and analysis

### Issue 1: Whether the Applicant/IRP can …

**Ratio:** A company petition can be withdrawn if the CoC approves the withdrawal and a settlement

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**Reasoning:** The court considered the submissions of the Ld. Counsel for the IRP, the documents

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**Interpretation:** This implies that the court recognizes the CoC's authority in making decisions

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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:** SHRI. ABNI RANJAN…; L. N. G…
- **Appellants:** Arora Vinyl Pvt.…
- **Respondents:** Banke Bihari…

## Timeline

- **2021-08-13 — CoC Resol…**: The CoC resolved to withdraw…
- **2021-08-25 — Affidavit…**: The Ld. Counsel for the IRP filed the…

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