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

> NCLT judgment dated 2019-11-25. Citation: TCN-2019-NCLT-00480. 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-00480
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/svasca-industries-india-ltd-ib-1494-nd-2019-d02c62e0

## 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 subsequently moved for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated in case No. IB/1494/ND/2019. The NCLT heard the submissions from the petitioner's counsel, the Interim Resolution Professional (IRP), and the corporate debtor's representatives. After reviewing the application and hearing the parties, the NCLT permitted the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** The NCLT has the power to allow the withdrawal of the CIRP based on the submissions of

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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 authority to permit the withdrawal of CIRP

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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 25.11.2019…

## 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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