# In the matter of Svasca Industries (India) Ltd. IB-1494-ND-2019

> NCLT judgment dated 2019-11-25. Citation: TCN-2019-NCLT-00473. The case pertains to an application for the withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 25 Nov 2019
- **Citation:** TCN-2019-NCLT-00473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/svasca-industries-india-ltd-ib-1494-nd-2019-657c9af7

## Summary

### Background

The case pertains to an application for the withdrawal of the Corporate Insolvency Resolution (CIR) Process initiated in case No. IB/1494/ND/2019. The application was filed before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

Mr. Amit Industries Pvt. Ltd. filed a petition against M/s. Svasca Industries India Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). An application was moved for the withdrawal of the CIR Process initiated in case No. IB/1494/ND/2019. The NCLT heard the submissions of the petitioner's counsel, the IRP, and the corporate debtor's representatives. The application for withdrawal was considered, and the court permitted the withdrawal of the CIR Process.

## Issues and analysis

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

**Ratio:** The NCLT has the power to permit the withdrawal of the CIR Process based on the

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**Reasoning:** The court considered the submissions made by the counsel for the petitioner, the IRP, and

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**Interpretation:** This case demonstrates the NCLT's power to allow the withdrawal of CIR Process

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**Application:** In this specific case, the court applied the ratio by considering the

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## Parties

- **Judges:** SHRI. P.S.N.…; V.K. SUB…
- **Appellants:** Amit Industries…
- **Respondents:** M/s. Svasca…

## Timeline

- **2019-11-25 — Order Del…**: Order delivered on the application…
- **2019-01-01 — CIR Process I…**: CIR Process initiated in…

## 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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