# In the matter of Danke Technoelectro Pvt. Ltd. IA-216(AHM)2022 in CP (IB) 439 of 2018

> NCLT judgment dated 2022-03-09. Citation: TCN-2022-NCLT-03830. The case involves an application, IA/216(AHM)2022, filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 9 Mar 2022
- **Citation:** TCN-2022-NCLT-03830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/danke-technoelectro-pvt-ltd-ia-216ahm2022-in-cp-ib-439-of-2018-bdede8bc

## Summary

### Background

The case involves an application, IA/216(AHM)2022, filed by the Interim Resolution Professional (IRP) for the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application, CP(IB) No. 439 of 2018. The basis for the withdrawal is that the parties involved have settled the dispute.

## Facts

The Interim Resolution Professional (IRP) filed an application, IA/216(AHM)2022, seeking the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application, CP(IB) No. 439 of 2018. The reason for seeking withdrawal is that the parties involved in the CIRP have reached a settlement. The court heard the counsels representing the IRP, the Original Operational Creditor, and the Corporate Debtor. The parties settling the dispute is a key fact that influenced the court's decision to allow the withdrawal of the CIRP application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP, based on the settlement between the parties, is …

**Ratio:** The legal principle applied is that if the parties involved in a CIRP have settled their

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**Reasoning:** The court reasoned that since the parties have settled the dispute, continuing the CIRP

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**Interpretation:** The interpretation of the IBC provisions related to withdrawal suggests that

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**Application:** In this specific case, the court applied the ratio and reasoning to the fact

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Amul Maheshchandra…
- **Respondents:** JFE Shoji Steel…
- **Advocates:** Nipun Si…; Vishal…; +2 more

## Timeline

- **2018-01-01 — Filing of CP(IB) No.…**: The main Corporate Insolvency Resolution Process (CIRP) application, CP(IB) No. 439 of…
- **2022-01-01 — Filing of IA/216(AHM)202…**: The Interim Resolution Professional (IRP) filed IA/216(AHM)2022 for withdrawal of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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