# In the matter of Surya Design Line Pvt. Ltd. IB-1894-ND-2019

> NCLT judgment dated 2020-07-10. Citation: TCN-2020-NCLT-01047. The case pertains to an application for withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 10 Jul 2020
- **Citation:** TCN-2020-NCLT-01047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surya-design-line-pvt-ltd-ib-1894-nd-2019-b139c6c1

## Summary

### Background

The case pertains to an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Surya Design Line Pvt. Ltd. The application was moved under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Interim Resolution Professional (IRP).

## Facts

Small Industries Development Bank of India initiated CIRP against M/s. Surya Design Line Pvt. Ltd. under Section 7 of the IBC. The IRP filed an application under Section 12A of the IBC seeking permission to withdraw the CIRP. A no dues certificate dated 13.03.2020 was annexed to the application. The Corporate Debtor sought to be relieved from the CIRP. The application was moved by the IRP.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the CIRP against the Corporate Debtor, M/s. …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of the

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**Reasoning:** The Tribunal considered the submission of the Learned Counsel for the Corporate Debtor

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP if certain conditions are

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**Application:** In this case, the IRP filed the application under Section 12A seeking

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI, NARENDER…
- **Appellants:** Small Industries…
- **Respondents:** M/s. Surya Design…

## Timeline

- **2020-03-13 — No Dues Cert…**: No dues certificate dated 13.03.2020…
- **2020-07-10 — Order Del…**: Order delivered on 10.07.2020,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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