# In the matter of Super Iron Foundry Pvt. Ltd. CA(IB)No. 1422-KB-2019 in CP(IB)No. 356-KB-2019

> NCLT judgment dated 2019-10-30. Citation: TCN-2019-NCLT-00786. The case involves an application (CA(IB)No.1422/KB/2019) filed by the Corporate Debtor and the…

- **Court:** NCLT
- **Order date:** 30 Oct 2019
- **Citation:** TCN-2019-NCLT-00786
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/super-iron-foundry-pvt-ltd-caibno-1422-kb-2019-in-cpibno-356-kb-2019-a774e2c7

## Summary

### Background

The case involves an application (CA(IB)No.1422/KB/2019) filed by the Corporate Debtor and the Operational Creditor for the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application under Rule 11 of NCLT Rules. The Corporate Debtor is already admitted into CIRP, but the Committee of Creditors (CoC) is yet to be formed.

## Facts

The case involves Imperial Refractories Vs. Super Iron Foundry Pvt. Ltd. The Corporate Debtor is already admitted into CIRP, but the CoC is yet to be formed. An application (CA(IB)No.1422/KB/2019) was filed by the Corporate Debtor and the Operational Creditor for the withdrawal of the main CP under Rule 11 of NCLT Rules. The counsels for the Operational Creditor and Corporate Debtor appeared, along with the IRP. The matter was settled between the parties, leading to the request for withdrawal. The IRP fees of Rs. 1,00,000/- have already been paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application should be allowed given the …

**Ratio:** The principle of allowing withdrawal of CIRP applications upon settlement between parties

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**Reasoning:** The court acknowledged the settlement between the parties and considered it a valid

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**Interpretation:** The interpretation is that settlements are encouraged, and courts generally

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**Application:** Since the parties settled, the court applied the principle of allowing

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Imperial Refractor…
- **Respondents:** Super Iron…

## Timeline

- **2019-10-30 — Hearing…**: Hearing held on October…
- **N/A — CIRP Admi…**: Corporate Debtor…

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