# In the matter of Manidhari Stainless Wire Private Limited

> NCLT judgment dated 2024-01-17. Citation: TCN-2024-NCLT-03034. The case involves an application seeking leave to withdraw the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 17 Jan 2024
- **Citation:** TCN-2024-NCLT-03034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manidhari-stainless-wire-private-limited-6c43541b

## Summary

### Background

The case involves an application seeking leave to withdraw the Corporate Insolvency Resolution Process (CIRP) that was previously ordered against Manidhari StainlessWire Private Limited. The CIRP was initiated vide order in Company Petition No.97/7/HDB/2023, dated 17.08.2023. The application for withdrawal is based on the ground that the Corporate Debtor has settled the matter with the Financial Creditor, ASREC (INDIA) LIMITED.

## Facts

The key facts are as follows: A CIRP was initiated against Manidhari StainlessWire Private Limited via order dated 2023-08-17. ASREC (INDIA) LIMITED is the Financial Creditor. Subsequently, the Corporate Debtor and the Financial Creditor settled the matter. An application was filed seeking leave to withdraw the CIRP, supported by a CoC resolution. The Resolution Professional confirmed that their fee had been settled. The relevance of these facts is that they provide the basis for the court's decision to withdraw the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed, given the settlement between …

**Ratio:** The legal principle applied is that CIRP can be withdrawn if the Corporate Debtor and

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**Reasoning:** The court reasoned that the settlement between the Corporate Debtor and the Financial

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**Interpretation:** The interpretation is that the IBC allows for flexibility in resolving

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**Application:** In this case, the ratio and reasoning are applied to the specific facts where

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** Manidhari…

## Timeline

- **2023-08-17 — CIRP Ord…**: CIRP ordered against the Corporate Debtor vide…
- **2024-01-17 — Order for Withdrawal of…**: The court allowed the application for…

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