# In the matter of Panoli Products Pv.t  Ltd. IA-2044,2104 & 2149-ND-2022 in IB-1141-ND-2020

> NCLT judgment dated 2022-05-09. Citation: TCN-2022-NCLT-02828. The case involves a CIRP (Corporate Insolvency Resolution Process) initiated against the…

- **Court:** NCLT
- **Order date:** 9 May 2022
- **Citation:** TCN-2022-NCLT-02828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panoli-products-pvt-ltd-ia-20442104-2149-nd-2022-in-ib-1141-nd-2020-cebc3aee

## Summary

### Background

The case involves a CIRP (Corporate Insolvency Resolution Process) initiated against the Corporate Debtor. IA/2104/ND/2022 was moved on behalf of the IRP (Interim Resolution Professional) for withdrawal of the CIRP proceedings. The matter has been settled between the parties, leading to the withdrawal of the CIRP proceedings.

## Facts

Eurotainer S.A. initiated a Corporate Insolvency Resolution Process (CIRP) against Panoli Products Pvt Ltd. An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties reached a settlement. The IRP then filed IA/2104/ND/2022 to withdraw the CIRP proceedings. The IRP confirmed that all costs had been paid. IA/2149/2022 is a first status report for the period 11.04.2022 to 04.05.2022 by the Interim Resolution Professional.

## Issues and analysis

### Issue 1: Whether the CIRP proceedings initiated against the Corporate Debtor should be withdrawn based on …

**Ratio:** When parties involved in a CIRP reach a settlement, the court may allow the withdrawal of

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**Reasoning:** The court reasoned that since the matter had been settled between the parties, continuing

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**Interpretation:** This interprets the IBC's provisions related to CIRP withdrawal in light of

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**Application:** The court applied this principle by allowing the withdrawal of the CIRP against

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Eurotaine…
- **Respondents:** Panoli Products…
- **Advocates:** Rajat S…; Abhijeet S…; +2 more

## Timeline

- **2022-05-09 — Order Del…**: Order delivered on 09.05.2022 regarding…
- **2022-04-11 — Status Report Period…**: Start date for the first status report by…

## 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)

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