# In the matter of NRW Polymers Pvt. Ltd.

> NCLT judgment dated 2022-05-13. Citation: TCN-2022-NCLT-02753. The case involves an application (I.A. 1265/2022) filed by the Operational Creditor for the…

- **Court:** NCLT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLT-02753
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nrw-polymers-pvt-ltd-8a3c66ce

## Summary

### Background

The case involves an application (I.A. 1265/2022) filed by the Operational Creditor for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties. The Bench noted that the initial order was pronounced on 2022-04-28, but the copy was not uploaded, and there was no communication to the Interim Resolution Professional (IRP), and no Committee of Creditors (COC) was formed.

## Facts

Mahavir Chemicals initiated CIRP against NRW Polymers Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. An order was pronounced on 2022-04-28, but the order copy was not uploaded, and the IRP was not communicated with, resulting in no COC formation. Subsequently, Mahavir Chemicals filed I.A. 1265/2022 seeking withdrawal of the CIRP due to a settlement reached with NRW Polymers Pvt Ltd. The court considered the settlement and the lack of progress in the CIRP due to the procedural lapses.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP can be allowed based on a settlement between the …

**Ratio:** The legal principle applied is that a CIRP can be withdrawn if a settlement is reached

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**Reasoning:** The court reasoned that since the parties had reached a settlement and there were no

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**Interpretation:** This issue involves the interpretation of the provisions of the IBC related to

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

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Mahavir Che…
- **Respondents:** NRW Polymers Pvt…
- **Advocates:** Sanket…; Vineet…; +1 more

## Timeline

- **2022-04-28 — CIRP Order Pr…**: The CIRP order was…
- **2022-05-13 — Hearing…**: Hearing of Mumbai Bench of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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