# In the matter of Neelam Jindal,CP (IB) No. 41/94(1)/JPR/2021

> NCLT judgment dated 2023-04-18. Citation: TCN-2023-NCLT-03761. The case involves an application for withdrawal of an insolvency resolution process for…

- **Court:** NCLT
- **Order date:** 18 Apr 2023
- **Citation:** TCN-2023-NCLT-03761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neelam-jindalcp-ib-no-41941jpr2021-cf7a956d

## Summary

### Background

The case involves an application for withdrawal of an insolvency resolution process for personal guarantors to corporate debtors under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. 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

Mrs. Neelam Jindal, represented by RP Vishnu Upadhyay, filed an application for withdrawal of the insolvency resolution process. She 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. The Bank of Baroda accepted a compromise proposal, leading to the application for withdrawal. The application was filed under Section 60(5) of the IBC, 2016 read with Rule 11 of the Insolvency & Bankruptcy Rules, 2019. The court granted permission for withdrawal, dismissing CP No. (IB)- 41/94(1)/JPR/2021.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency resolution process for the personal …

**Ratio:** The legal principle applied is that an application for withdrawal can be allowed if a

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**Reasoning:** The court reasoned that since the Bank of Baroda had accepted a compromise proposal, the

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**Interpretation:** This interprets Section 60(5) of the IBC, 2016 and Rule 11 of the Insolvency

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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:** Deep Chandr…; Ashish…
- **Appellants:** Neelam J…
- **Respondents:** M/s Aarti…

## Timeline

- **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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