# In the matter of Superdrawn Wire Industries Pvt. Ltd. IA-280(AHM)2021 in CP(IB) 68 of 2020

> NCLT judgment dated 2021-04-13. Citation: TCN-2021-NCLT-02385. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-NCLT-02385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/superdrawn-wire-industries-pvt-ltd-ia-280ahm2021-in-cpib-68-of-2020-17e764f1

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 12A of the Insolvency and Bankruptcy Code (IBC). The application was filed after the admission of CP(IB) 68/2020, and the appointment of an Interim Resolution Professional (IRP). The parties have reached a settlement, leading to the withdrawal application.

## Facts

CP(IB) 68/2020 was admitted on 2021-03-15, and Mr. Brij Kishore Sharma was appointed as the IRP. After the admission, both parties entered into a settlement. An application for withdrawal was filed through the IRP, accompanied by Form-FA. The COC was not yet constituted. The application was filed under Section 12A of the IB Code. The IRP's professional fees and expenses were cleared.

## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of a CIRP application under Section 12A of the IB Code …

**Ratio:** The Supreme Court in Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.

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**Reasoning:** The NCLT relied on the Supreme Court's observation, stating that it found no impediment

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**Interpretation:** Section 12A of the IB Code allows for the withdrawal of an application admitted

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**Application:** In this case, since the COC was not yet constituted and the parties had reached

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Superdrawn Wire…; DIV Realtors Pvt…

## Timeline

- **2020-01-01 — CP(IB) F…**: CP(IB) 68/2020 was…
- **2021-03-15 — Admission of…**: CP(IB) 68/2020 was…

## 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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