# In the matter of SP Safe Control System Pvt. Ltd. IA No. 5502-ND-2020 in IB- 1266-(ND)-2019

> NCLT judgment dated 2021-01-08. Citation: TCN-2021-NCLT-03358. The application filed seeks withdrawal of IB-1266/(ND)/2019. The IRP states that the parties…

- **Court:** NCLT
- **Order date:** 8 Jan 2021
- **Citation:** TCN-2021-NCLT-03358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sp-safe-control-system-pvt-ltd-ia-no-5502-nd-2020-in-ib-1266-nd-2019-f9054ea0

## Summary

### Background

The application filed seeks withdrawal of IB-1266/(ND)/2019. The IRP states that the parties executed a settlement agreement dated December 30, 2019, and again on December 7, 2020. The CoC approved the settlement and consented to the withdrawal of the IB application in its meeting held on November 4, 2020.

## Facts

An application was filed seeking the withdrawal of IB-1266/ND/2019. The IRP stated that the parties involved had executed a settlement agreement on December 30, 2019, and again on December 7, 2020. Copies of the agreement were annexed with the application. The CoC, in its meeting on November 4, 2020, approved the settlement and consented to the withdrawal of the IB application. The minutes and consent of the CoC, along with the Form-FA consent of the applicant, were placed on record. The relevance of these facts is that they demonstrate the parties' agreement to settle and the CoC's approval for withdrawal of the insolvency application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal …

**Ratio:** The court has the power to allow the withdrawal of an application under the IBC if the

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**Reasoning:** The court considered the submissions made, the documents placed on record, and the CoC's

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**Interpretation:** This case interprets the provisions of the IBC related to the withdrawal of

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**Application:** Since the parties executed a settlement agreement, the CoC approved the

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Schneider…
- **Respondents:** SP Safe Control…
- **Advocates:** Ashish…; Rahul G…; +1 more

## Timeline

- **2019-12-30 — Settlement Ag…**: Parties executed a…
- **2020-12-07 — Settlement Ag…**: Parties executed another…

## 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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