# In the matter of Atlanta Mediworld Pvt. Ltd.

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04230. This is an IA No. 104/2023 seeking withdrawal of the main application filed by the applicant…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atlanta-mediworld-pvt-ltd-8d105662

## Summary

### Background

This is an IA No. 104/2023 seeking withdrawal of the main application filed by the applicant Under Section 9 of the Code. The IRP received one claim of Rs.26,06,421.31 from the Applicant. The IRP received Form FA, Application for withdrawal of Corporate Insolvency Resolution Process along with Memorandum of understanding both dated 11.03.2023. This was done prior to the formation of the Committee of Creditors. The Operational Creditor, Dr. Ankush Garg, submitted in Form FA along with a Memorandum of Understanding that he received Rs.20,00,000/- from the Corporate Debtor, Atlanta Mediworld Pvt. Ltd., in full and final settlement of his debt. The IRP also confirmed the receipt of Rs. 1 lac towards estimated cost and fee incurred for the purpose of clause (c) and (d) of

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## Facts

Dr. Ankush Garg filed an application under Section 9 of the IBC against Atlanta Mediworld Pvt Ltd. The IRP received a claim of Rs.26,06,421.31 from Dr. Ankush Garg. Subsequently, Dr. Ankush Garg and Atlanta Mediworld Pvt Ltd reached a settlement, with Atlanta Mediworld Pvt Ltd paying Rs.20,00,000/- to Dr. Ankush Garg in full and final settlement of the debt. Dr. Ankush Garg then filed Form FA, an application for withdrawal of the Corporate Insolvency Resolution Process, along with a Memorandum of Understanding. The IRP confirmed the receipt of the settlement amount and also Rs. 1 lac towards estimated costs. The application for withdrawal was filed before the formation of the Committee of Creditors. The Corporate Debtor has been represented by Ld. Counsel and has no

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main application filed under Section 9 of the IBC …

**Ratio:** The principle is that if the operational creditor and the corporate debtor reach a

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**Reasoning:** The court reasoned that since the operational creditor, Dr. Ankush Garg, received

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**Interpretation:** This interprets the provisions of the IBC to allow for withdrawal of CIRP

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**Application:** In this case, the ratio and reasoning are applied to the specific facts where

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** ANKUSH…
- **Respondents:** ATLANTA MEDIWORLD…

## Timeline

- **2023-03-02 — Receipt of…**: IRP confirmed the receipt of Rs. 1 lac towards estimated cost and fee incurred for the…
- **2023-03-04 — Receipt of…**: IRP received one claim of Rs.26,06,421.31 from Applicant in the matter from Dr. Ankush…

## 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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