# In the matter of Paragon Hospitality Pvt. Ltd. IA-4735-2020 & IA-3661-2021 in IB-547-ND-2019

> NCLT judgment dated 2022-05-23. Citation: TCN-2022-NCLT-02668. The Resolution Professional filed an application to withdraw IB-547/ND/2019. The Ld. Counsel…

- **Court:** NCLT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLT-02668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/paragon-hospitality-pvt-ltd-ia-4735-2020-ia-3661-2021-in-ib-547-nd-2019-6c35d7ed

## Summary

### Background

The Resolution Professional filed an application to withdraw IB-547/ND/2019. The Ld. Counsel appearing for the Applicant/RP was heard, and the averments made in the application were perused. The Ld. Counsel appearing for the Applicant submitted that by filing IA/3661/2021, the Applicant placed on record Form FA and the resolution dated 13.03.2020, by which the CoC resolved to file a withdrawal application.

## Facts

The Resolution Professional filed an application to withdraw IB-547/ND/2019. The Applicant placed on record Form FA and a resolution dated 2020-03-13, by which the CoC resolved to file a withdrawal application. The Authorised Representative of the Operational Creditor duly signed Form FA. The RP received the cost and fee. These facts are relevant because they demonstrate the procedural steps taken to withdraw the application and the consent of the relevant parties.

## Issues and analysis

### Issue 1: Whether the Resolution Professional's application …

**Ratio:** An application for withdrawal can be allowed if the procedural requirements are met,

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**Reasoning:** The court reasoned that Form FA was duly signed by the Authorised Representative of the

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**Interpretation:** This legal issue concerns the interpretation of the Insolvency and Bankruptcy

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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:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** M/s. India Bulls…
- **Respondents:** M/s. Paragon…

## Timeline

- **2020-03-13 — CoC Resol…**: The Committee of Creditors (CoC)…
- **2022-05-23 — Order Del…**: The court delivered an order…

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