# In the matter of The Indure Pvt. Ltd. (IB)-1632(PB)-2018

> NCLT judgment dated 2019-05-03. Citation: TCN-2019-NCLT-03497. The case involves an application filed under Rule 11 of the NCLT Rules, 2016, seeking the…

- **Court:** NCLT
- **Order date:** 3 May 2019
- **Citation:** TCN-2019-NCLT-03497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/the-indure-pvt-ltd-ib-1632pb-2018-c11f95c3

## Summary

### Background

The case involves an application filed under Rule 11 of the NCLT Rules, 2016, seeking the disposal of Company Petition No. (IB)-1632(PB)/2018, which was admitted on 12.04.2019. The Committee of Creditors (CoC) has not been constituted. The application seeks withdrawal of the Corporate Insolvency Resolution Process (CIRP) based on the judgment of the Supreme Court in the case of Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors.

## Facts

Indus Tubes Ltd. filed an application/petition against The Indure Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Company Petition No. (IB)-1632(PB)/2018 was admitted on 12.04.2019. The Committee of Creditors (CoC) has not been constituted. Only one claimant responded to the public notice. The Interim Resolution Professional (IRP), Mr. Sanyam Goel, stated that all dues/expenses had been paid and nothing is due/outstanding. The applicant sought withdrawal of the CP No. (IB)-1623(PB)/2018, relying on the Supreme Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors.

## Issues and analysis

### Issue 1: Whether the withdrawal of the Corporate Insolvency Resolution Process (CIRP) can be permitted when …

**Ratio:** The Supreme Court in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors. has

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**Reasoning:** The court relied on the Supreme Court's judgment, which allows for a specific course of

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**Interpretation:** The interpretation of the Supreme Court's judgment is that in specific

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**Application:** In this case, since the CoC was not constituted and the IRP confirmed that all

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## Parties

- **Judges:** M. M. K…; SH. S. K.…
- **Appellants:** Indus Tube…
- **Respondents:** The Indure Pvt.…

## Timeline

- **2018-01-01 — Writ Petition (C) No.…**: Swiss Ribbons Pvt.Ltd. & Anr. v. Union of India and Ors. Writ Petition (C) No. 99 of 2018…
- **2019-01-25 — Decision on Writ…**: Writ Petition (C) No. 99 of…

## 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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