# In the matter of Trustworthy Gems and Jewellery Pvt. Ltd. CA No. 812-ND-2019 inn IB-113-ND-2018

> NCLT judgment dated 2021-01-27. Citation: TCN-2021-NCLT-03235. This case involves an application filed by the Resolution Professional seeking withdrawal of IB…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trustworthy-gems-and-jewellery-pvt-ltd-ca-no-812-nd-2019-inn-ib-113-nd-2018-6de5e8a0

## Summary

### Background

This case involves an application filed by the Resolution Professional seeking withdrawal of IB No. 113/ND/2018. The Resolution Professional stated that in the 2nd CoC Meeting held on 29.08.2020, the sole CoC Member, M/s SRS Limited, passed a resolution to seek withdrawal of IB-113/ND/2018. The company does not have any assets, and various proceedings against the company by statutory authorities are in progress.

## Facts

The Liquidator of M/s. SRS Ltd. filed an application for withdrawal of IB No. 113/ND/2018. The 2nd CoC Meeting held on 2020-08-29, the sole CoC Member, M/s SRS Limited, passed a resolution to seek withdrawal of IB-113/ND/2018. The company does not have any assets, and various proceedings against the company by statutory authorities are in progress. The Resolution Professional also filed the statement with respect to pending fees.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of …

**Ratio:** The court has the power to allow the withdrawal of an application under the IBC if it is

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**Reasoning:** The court considered the submission made and the documents on record, including the

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**Interpretation:** The court interpreted the relevant provisions of the IBC and considered the

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**Application:** Based on the facts presented, the court applied the ratio and reasoning to

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Liquidator of…
- **Respondents:** SRS L…; M/s. Trustworthy…

## Timeline

- **2020-08-29 — 2nd CoC M…**: The 2nd CoC Meeting was held, and the sole CoC Member, M/s SRS Limited, passed a…
- **2021-01-27 — Order Del…**: The court delivered the order allowing the withdrawal of IB-113/ND/2018 and permitting…

## 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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