# In the matter of Origin Formulations Pvt. Ltd. IA 213(AHM) 2022 in CP(IB) 566 of 2019

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02503. The case involves an application under Section 7 of the IBC. The applicant/liquidator states…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/origin-formulations-pvt-ltd-ia-213ahm-2022-in-cpib-566-of-2019-93054ce6

## Summary

### Background

The case involves an application under Section 7 of the IBC. The applicant/liquidator states that they received an email regarding payment against 30 grams of gold and cash deposited against the cash balance. Further instructions were given to apply for withdrawal of the application as nothing survives in the application.

## Facts

The applicant/liquidator received an email concerning payment against 30 grams of gold and cash deposited against the cash balance. The email contained instructions to apply for withdrawal of the application. The applicant's counsel stated that nothing survives in the application and the prayers stand satisfied. The relevance of these facts is that they form the basis for the applicant's request to withdraw the application, which the court subsequently granted.

## Issues and analysis

### Issue 1: Whether the application for withdrawal should be allowed based on the applicant's representation …

**Ratio:** The legal principle applied is that a party can withdraw an application if the underlying

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**Reasoning:** The court reasoned that since the applicant/liquidator stated that nothing survives in

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**Interpretation:** This involves interpreting the applicant's statement as a confirmation that the

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**Application:** The ratio and reasoning are applied to the specific facts by accepting the

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Prutha Ente…
- **Respondents:** Origin Formulation…

## Timeline

- **2022-06-01 — Order Del…**: Order delivered on the…

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