# In the matter of Alniche Lifesciences Pvt. Ltd. IA-728-ND-2022 in IB-2299-ND-2019

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04139. The application IA-728/ND/2022 was moved on behalf of the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/alniche-lifesciences-pvt-ltd-ia-728-nd-2022-in-ib-2299-nd-2019-eac8204d

## Summary

### Background

The application IA-728/ND/2022 was moved on behalf of the Interim Resolution Professional (IRP), stating that the matter has been settled and the Committee of Creditors (CoC) was not constituted. The IRP's counsel stated that all fees and costs have been paid, and the IRP wants to withdraw the Insolvency and Bankruptcy (IB) application.

## Facts

Jaydev Pharma Distributors filed an application against Alnichen Life Sciences Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) stated that the matter has been settled, and the Committee of Creditors (CoC) was not constituted. The IRP's counsel confirmed that all fees and costs have been paid, and the IRP seeks to withdraw the IB application. The application was filed as IA-728/ND/2022 in IB-2299/ND/2019.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings should be allowed given the …

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

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**Reasoning:** The court considered the IRP's statement that the matter has been settled, all fees and

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**Interpretation:** This interpretation suggests that the court prioritizes settlement and amicable

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**Application:** The ratio was applied to the fact that the IRP confirmed settlement and payment

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Jaydev Pharma…
- **Respondents:** Alnichen Life…

## Timeline

- **2022-02-15 — Order Del…**: Order delivered on the application for…

## 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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