# In the matter of Darode Jog Redevelopment Private Limited

> NCLT judgment dated 2022-01-21. Citation: TCN-2022-NCLT-04388. Bank of Baroda filed a Corporate Insolvency Resolution Process (CIRP) application against…

- **Court:** NCLT
- **Order date:** 21 Jan 2022
- **Citation:** TCN-2022-NCLT-04388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/darode-jog-redevelopment-private-limited-5c617bc9

## Summary

### Background

Bank of Baroda filed a Corporate Insolvency Resolution Process (CIRP) application against Darode Jog Redevelopment Private Limited. An application (IA-106/2022) was filed by the Financial Creditor (Bank of Baroda) for withdrawal of the main CIRP application (C.P. (IB)/1216(MB)2020). The order in the main CIRP application was reserved on 2021-12-14 and was pronounced on 2022-01-19.

## Facts

Bank of Baroda initiated CIRP against Darode Jog Redevelopment Private Limited by filing C.P. (IB)/1216(MB)2020. Subsequently, Bank of Baroda filed IA-106/2022 seeking withdrawal of the CIRP application. The order on the main CIRP application had been reserved on 2021-12-14 and pronounced on 2022-01-19. The court allowed the withdrawal application, directed the Corporate Debtor to deposit Rs. 5 lakh, withdrew the admission order, relieved the Corporate Debtor from CIRP, and dismissed the main CIRP application.

## Issues and analysis

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

**Ratio:** The court has the discretion to allow the withdrawal of a CIRP application based on the

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**Reasoning:** The court considered the request of the Financial Creditor (Bank of Baroda) to withdraw

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**Interpretation:** The court interpreted the provisions of the IBC related to withdrawal of CIRP

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**Application:** The court applied the principle that withdrawal can be allowed if it serves the

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Bank of B…
- **Respondents:** Darode Jog…

## Timeline

- **2021-12-14 — Order Res…**: The order in the main CIRP…
- **2022-01-19 — Order Pron…**: The order in the main CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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