# In the matter of Magic Express Technology Private Limited

> NCLT judgment dated 2024-01-03. Citation: TCN-2024-NCLT-03338. The case pertains to IA 5832 of 2023 in C.P. (IB)/564(MB)2022 before the National Company Law…

- **Court:** NCLT
- **Order date:** 3 Jan 2024
- **Citation:** TCN-2024-NCLT-03338
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/magic-express-technology-private-limited-9fe6ab1a

## Summary

### Background

The case pertains to IA 5832 of 2023 in C.P. (IB)/564(MB)2022 before the National Company Law Tribunal, Mumbai Bench. The matter involves VSJ Investment Private Limited as the petitioner and Magic Express Technology Private Limited as the respondent. The application is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

VSJ Investment Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Magic Express Technology Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a resolution was passed with 100% voting in the 5th Committee of Creditors (CoC) meeting to withdraw the CIRP. Subsequently, an application (IA 5832 of 2023) was filed for the withdrawal of the CIRP. The court considered this application, along with other related IAs (IA 5020 and IA 5446) that were scheduled for a hearing. The key fact is the unanimous decision of the CoC to withdraw the CIRP, which influenced the court's decision to allow the withdrawal application and dispose of the related proceedings.

## Issues and analysis

### Issue 1: Whether IA 5832 of 2023 should be allowed, considering the resolution passed by the Committee of …

**Ratio:** The legal principle applied here is that the Committee of Creditors (CoC) has the

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**Reasoning:** The court reasoned that since the CoC, comprising the creditors, had unanimously (100%

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**Interpretation:** This interprets the provisions of the Insolvency and Bankruptcy Code (IBC) that

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**Application:** In this specific case, the unanimous decision of the CoC to withdraw the CIRP

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** VSJ Investments…
- **Respondents:** MAGIC EXPRESS…

## Timeline

- **2023-01-01 — IA 5832/202…**: Interlocutory Application…
- **2024-01-03 — Order Del…**: Order delivered allowing IA 5832 of 2023…

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