# In the matter of Swaminathan Venkataraman and another IA-254-2020 in IBA-408-2019

> NCLT judgment dated 2020-09-22. Citation: TCN-2020-NCLT-00550. The application was filed seeking withdrawal of the application under Section 30A(1)(a) of the…

- **Court:** NCLT
- **Order date:** 22 Sept 2020
- **Citation:** TCN-2020-NCLT-00550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/swaminathan-venkataraman-and-another-ia-254-2020-in-iba-408-2019-1eff7537

## Summary

### Background

The application was filed seeking withdrawal of the application under Section 30A(1)(a) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Hon'ble NCLAT had directed that the application seeking withdrawal be filed within two weeks, and the application was filed on 11.02.2020 within that period.

## Facts

An application was filed seeking withdrawal under Section 30A(1)(a) of the Insolvency & Bankruptcy Board of India Regulations, 2016. The Hon'ble NCLAT directed the application for withdrawal to be filed within two weeks, and it was filed on 11.02.2020. The application was supported by annexures, Form-FA dated 19.11.2019, and an affidavit from the operational creditor. The representative of the Respondent highlighted the NCLAT order. The tribunal considered these factors and allowed the withdrawal, leading to the CIRP being withdrawn, restoration of suspended directors' powers, and the Interim Resolution Professional being directed to hand over assets to the Corporate Debtor's board.

## Issues and analysis

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

**Ratio:** The tribunal is required to dispose of the application seeking withdrawal in terms of the

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**Reasoning:** The tribunal considered the application, annexures, Form-FA dated 19.11.2019, and the

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**Interpretation:** Section 30A(1)(a) allows for withdrawal of an application under specific

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**Application:** The tribunal applied the principle by considering the application, annexures,

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** AR RA…
- **Respondents:** SWAMINATHAN…

## Timeline

- **2019-11-19 — Form-FA…**: Form-FA dated 19.11.2019 was…
- **2020-02-11 — Application…**: The Application was filed on 11.02.2020 within a period of two weeks as directed by…

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