# In the matter of Nandana Metals and Mining Ltd.

> NCLT judgment dated 2024-03-26. Citation: TCN-2024-NCLT-01938. The case involves an application under the Insolvency and Bankruptcy Code, 2016. The IRP…

- **Court:** NCLT
- **Order date:** 26 Mar 2024
- **Citation:** TCN-2024-NCLT-01938
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nandana-metals-and-mining-ltd-ab57b147

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code, 2016. The IRP informed the court that the CoC was not constituted. The debt claim in the application has been settled, leading to a request for withdrawal of the CIRP.

## Facts

Vinayak Trading Corporation initiated a CIRP against Nandana Metals and Mining Ltd. An application, IA No. 1296/2024, was filed in C.P. (IB)/1062(MB)2023. The IRP informed the court that the Committee of Creditors (CoC) was not constituted. The debt claim in the application was settled. Consequently, a request was made to withdraw the CIRP. The court considered this submission and allowed the withdrawal. The Corporate Debtor, Nandana Metals and Mining Ltd, was released from the rigors of the CIRP, and the moratorium under Section 14 of the Code ceased to be in operation. The IRP/RP was directed to hand over the records and custody of assets to the suspended board, which was directed to settle the IRP's fees.

## Issues and analysis

### Issue 1: Whether the CIRP can be withdrawn based on the settlement of the debt claim and the …

**Ratio:** CIRP can be withdrawn if the debt claim is settled and the CoC has not been constituted,

…

**Reasoning:** The court reasoned that since the debt claim in the application had been settled and the

…

**Interpretation:** Section 12A allows for the withdrawal of CIRP applications under certain

…

**Application:** In this case, the debt claim was settled, and the CoC was not constituted.

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Vinayak Trading…
- **Respondents:** Nandana Metals…

## Timeline

- **2024-03-26 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nandana-metals-and-mining-ltd-ab57b147