# In the matter of Syschem India Limited IA No. 908-2020, 407-2022 And CP(IB) No. 42-Chd-Hry-2020

> NCLT judgment dated 2022-05-19. Citation: TCN-2022-NCLT-04794. Punjab National Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Syschem…

- **Court:** NCLT
- **Order date:** 19 May 2022
- **Citation:** TCN-2022-NCLT-04794
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/syschem-india-limited-ia-no-908-2020-407-2022-and-cpib-no-42-chd-hry-2020-75b1b227

## Summary

### Background

Punjab National Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Syschem India Limited under Section 7 of the IBC, 2016. The Financial Creditor filed CP(IB) No. 42/Chd/Hry/2020.

## Facts

Punjab National Bank initiated CIRP against Syschem India Limited.

The Financial Creditor received Rs. 14,75,00,000/- as per OTS.

The bank account was closed on 17.03.2022.

The Financial Creditor sought withdrawal of the main petition.

IA No. 407/2022 was filed under Section 60(5) of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the main petition CP(IB) No. 42/Chd/Hry/2020, …

**Ratio:** Section 60(5) of the IBC, 2016, read with Rule 4 of NCLT Rules, allows for the withdrawal

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**Reasoning:** The Financial Creditor received the entire amount as per the OTS, and the bank account

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**Interpretation:** The Tribunal interpreted Section 60(5) of the IBC, 2016, to allow for the

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**Application:** The Tribunal applied the provisions of Section 60(5) of the IBC, 2016, and Rule

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Punjab National…
- **Respondents:** Syschem India…
- **Advocates:** DK Gu…; V.K Sac…

## Timeline

- **2022-03-17 — Bank Account…**: The bank account was closed on 17.03.2022 after the Financial Creditor received the…
- **2022-05-19 — Order Da…**: Order was passed on May…

## 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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