# In the matter of Gini & Jony Limited

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01324. I.A. No. 4459/2023 was filed for the withdrawal of the main CP. The matter has been settled…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gini-jony-limited-688cdf3f

## Summary

### Background

I.A. No. 4459/2023 was filed for the withdrawal of the main CP. The matter has been settled between the parties for an amount of Rs. 37,50,00,000/- payable in six installments by the Corporate Debtor (CD). The Financial Creditor (FC) has already received part payment, and the last tranche is due on 31.12.2024.

## Facts

The Financial Creditor (FC) and Corporate Debtor (CD) jointly filed I.A. No. 4459/2023 for the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application. The matter was settled between the parties for Rs. 37,50,00,000, payable in six installments by the CD. The FC has already received part payment, and the last tranche is due on 31.12.2024. The settlement led to the disposal of the CIRP application.

## Issues and analysis

### Issue 1: Whether the I.A. No. 4459/2023 for withdrawal of the main CP can be allowed based on the settlement …

**Ratio:** The legal principle applied is that a Corporate Insolvency Resolution Process (CIRP)

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**Reasoning:** The court reasoned that the parties had settled the matter for a specific amount, payable

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**Interpretation:** The interpretation is that the court has the discretion to allow the withdrawal

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**Application:** In this case, the court applied the principle by allowing the withdrawal of the

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Invent Assets…
- **Respondents:** Andre construction…

## Timeline

- **2023-10-10 — Order Sheet of…**: Order sheet of hearing…
- **2023-01-01 — I.A. No. 4459/2…**: Counsel for the FC and CD jointly submit that I.A. No. 4459/2023 is filed for withdrawal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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