# In the matter of Three Leaves Books International Pvt.  Ltd. IA-4709 & 5820-ND-2021 in IB-1281-ND-2019

> NCLT judgment dated 2021-12-23. Citation: TCN-2021-NCLT-00036. The application was filed by the Resolution Professional (RP) stating that the matter has been…

- **Court:** NCLT
- **Order date:** 23 Dec 2021
- **Citation:** TCN-2021-NCLT-00036
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/three-leaves-books-international-pvt-ltd-ia-4709-5820-nd-2021-in-ib-1281-nd-2019-1650172b

## Summary

### Background

The application was filed by the Resolution Professional (RP) stating that the matter has been settled, and the Committee of Creditors (CoC) has voted 100% in favor of the resolution, approving the withdrawal of the petition. The court considered that 10% of the total settled amount has been deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs have also been paid, as stated by the Learned Counsel for the RP. The application IA No. 5820/ND/2021 was filed in this context.

## Facts

The Resolution Professional (RP) filed an application stating that the matter had been settled. The Committee of Creditors (CoC) voted 100% in favor of the resolution, approving the withdrawal of the petition. 10% of the total settled amount was deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs were paid. The Learned Counsel for the RP made a statement regarding these facts. The application in question was IA No. 5820/ND/2021. These facts are relevant because they demonstrate compliance with the conditions for withdrawal under Section 12-A of the Insolvency and Bankruptcy Code (IBC).

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition should be allowed based on the settlement, …

**Ratio:** The legal principle applied is that a petition can be withdrawn if the matter has been

…

**Reasoning:** The court reasoned that since the RP stated the matter had been settled, the CoC approved

…

**Interpretation:** This issue involves the interpretation of the provisions related to the

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s V.K Jain &…
- **Respondents:** M/s Three Leaves…

## Timeline

- **2021-12-23 — Order Del…**: Order delivered on 23.12.2021, allowing IA No. 5820/ND/2021 and dismissing the main…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/three-leaves-books-international-pvt-ltd-ia-4709-5820-nd-2021-in-ib-1281-nd-2019-1650172b