# In the matter of I-Retalers Pvt. Ltd. IA-3028-ND-2021 & IA-884-ND-2022 in IB-3191-ND-2019

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-02884. The case involves an application (IA/884/ND/2022) filed on behalf of the Resolution…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/i-retalers-pvt-ltd-ia-3028-nd-2021-ia-884-nd-2022-in-ib-3191-nd-2019-8e3acefa

## Summary

### Background

The case involves an application (IA/884/ND/2022) filed on behalf of the Resolution Professional (RP) stating that the Committee of Creditors (COC) has been constituted. The COC, by 100 percent voting, decided to withdraw the present Corporate Insolvency Resolution Process (CIRP) proceedings against the Corporate Debtor.

## Facts

The Resolution Professional (RP) filed an application (IA/884/ND/2022) stating that the Committee of Creditors (COC) had been constituted. The COC voted unanimously (100 percent) to withdraw the Corporate Insolvency Resolution Process (CIRP) proceedings against the Corporate Debtor. The RP also stated that all costs of the RPA had been paid and no dues were outstanding against the COC. This led to the court allowing the withdrawal of the CIRP proceedings. The key facts are the COC's unanimous decision to withdraw the CIRP, the RP's confirmation of payment of dues, and the subsequent court order allowing the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP proceedings against the Corporate Debtor should …

**Ratio:** The legal principle applied is that the Committee of Creditors (COC) has the authority to

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**Reasoning:** The court reasoned that since the COC, representing the creditors, unanimously voted to

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**Interpretation:** The interpretation of the law is that the COC's decision holds significant

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Bothra Plastics…
- **Respondents:** IRetalers PVT.…

## Timeline

- **2022-05-05 — Order Del…**: Order delivered on the application…

## 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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