# In the matter of Tytan Organics Pvt Ltd. M.A. 4109-MB-2019
In C.P.(IB)-2642(MB)-2019

> NCLT judgment dated 2019-12-20. Citation: TCN-2019-NCLT-00053. The case involves an application filed by the Interim Resolution Professional (IRP) of the…

- **Court:** NCLT
- **Order date:** 20 Dec 2019
- **Citation:** TCN-2019-NCLT-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tytan-organics-pvt-ltd-ma-4109-mb-2019-in-cpib-2642mb-2019-0105f586

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of the Corporate Debtor, seeking withdrawal of a petition filed by the Operational Creditor. A Corporate Insolvency Resolution Process (CIRP) petition against the Operational Creditor was admitted on 2019-12-10. The IRP took charge on 2019-12-18 and issued a publication on 2019-12-19, inviting claims from creditors. The IRP stated that no claims were received. The Corporate Debtor settled the amount due to the Operational Creditor and issued Form FA for withdrawal of the petition.

## Facts

An application was filed by the IRP of the Corporate Debtor to withdraw a petition filed by the Operational Creditor. A CIRP petition against the Operational Creditor had been admitted on 2019-12-10. The IRP took charge on 2019-12-18 and invited claims from creditors via publication on 2019-12-19. No claims were received by the IRP. The Corporate Debtor settled the amount due to the Operational Creditor and issued Form FA for withdrawal of the petition. The relevance of these facts is that the settlement and lack of outstanding claims formed the basis for the court's decision to allow the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition filed by the Operational Creditor should be …

**Ratio:** The inherent powers of the NCLT under Rule 11 of the NCLT Rules, coupled with the

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the amount due to the

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**Interpretation:** This legal issue concerns the interpretation of the NCLT's powers to allow

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Sanjay Chemicals…
- **Respondents:** Tytan Organics…

## Timeline

- **2019-12-10 — CIRP Petition…**: A CIRP Petition against the Operational…
- **2019-12-18 — IRP Takes…**: The Applicant/ IRP took…

## 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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