# In the matter of Nand Kishore Jindal,CP (IB) No. 58/94(1)/JPR/2021

> NCLT judgment dated 2023-04-18. Citation: TCN-2023-NCLT-03752. The case involves an application under Section 60(5) of the IBC, 2016 read with Rule 11 of the…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nand-kishore-jindalcp-ib-no-58941jpr2021-56afd0b5

## Summary

### Background

The case involves an application under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, for the withdrawal of an application. The applicant was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda.

## Facts

Mr. Nand Kishore Jindal, through RP Vishnu Upadhyay, filed an application. Mr. Jindal was the personal guarantor for credit facilities obtained by M/s Aarti Suitings Pvt. Ltd. and M/s Adig Jemtex Pvt. Ltd. from the Bank of Baroda. A compromise proposal was accepted by the Bank of Baroda, leading to the application for withdrawal of the initial application. The application was filed under Section 60(5) of the IBC, 2016, read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The CP No. (IB)- 58/94(1)/JPR/2021 was then dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the compromise proposal accepted by the Bank of Baroda constitutes sufficient grounds for …

**Ratio:** A compromise proposal accepted by the creditor bank can be a valid ground for withdrawing

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**Reasoning:** The court reasoned that the acceptance of the compromise proposal by the Bank of Baroda

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**Interpretation:** Section 60(5) of the IBC allows the NCLT to deal with questions of law or facts

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**Application:** In this specific case, the compromise proposal accepted by the Bank of Baroda

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## Parties

- **Judges:** Deep Chandr…; Ashish…
- **Appellants:** Nand Kishore…

## Timeline

- **2021-01-01 — CP No. (IB)- 58/94(1)/JP…**: CP No. (IB)- 58/94(1)/JPR/2021 was…
- **2023-04-18 — Order Da…**: The court granted permission for withdrawal of the application and dismissed CP No. (IB)-…

## 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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