# In the matter of Spacex Furniture Pvt. Ltd. IA(IBC)-1087-CHE-2021 in IBA-03-2020

> NCLT judgment dated 2021-11-22. Citation: TCN-2021-NCLT-00448. The case involves an application filed by Mr. Anil Kumar Khicha, the IRP of M/s. Spacex…

- **Court:** NCLT
- **Order date:** 22 Nov 2021
- **Citation:** TCN-2021-NCLT-00448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/spacex-furniture-pvt-ltd-iaibc-1087-che-2021-in-iba-03-2020-622fb223

## Summary

### Background

The case involves an application filed by Mr. Anil Kumar Khicha, the IRP of M/s. Spacex Furniture Pvt Ltd., seeking withdrawal of the application. The issue has been settled to the satisfaction of the Committee of Creditors, as per the terms in Annexure-A at Page No. 38 of the Application.

## Facts

Mr. Anil Kumar Khicha, the IRP of M/s. Spacex Furniture Pvt Ltd., filed an application to withdraw the insolvency application. This withdrawal was based on a settlement reached with the Committee of Creditors. A mail dated 2021-08-11 from the IRP indicated the Corporate Debtor's willingness to make a one-time full and final settlement to the Operational Creditor. The application for withdrawal was accompanied by Form FA. The terms of the settlement were contained in Annexure-A at Page No. 38 of the Application. The Corporate Debtor's willingness to settle is a key fact, as it led to the withdrawal of the insolvency application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings should be allowed based on the …

**Ratio:** The legal principle applied here is the court's discretion to allow withdrawal of an

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**Reasoning:** The court reasoned that since the issue has been settled to the satisfaction of the

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**Interpretation:** This involves interpreting the provisions of the IBC that allow for withdrawal

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**Application:** The ratio and reasoning are applied to the specific facts of this case, where

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** ANIL KUMAR…
- **Respondents:** Spacex Furniture…; Saurab Mittal-Dire…

## Timeline

- **2021-11-22 — Hearing…**: Hearing held on 2021-11-22 at 10:30…
- **2021-08-11 — IRP Mail…**: Mail dated 2021-08-11 received by the IRP, conveying the Corporate Debtor's willingness…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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