# 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-02658. The Resolution Professional filed an application to withdraw IB-547/ND/2019. The counsel for…

- **Court:** NCLT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLT-02658
- **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-b01db595

## Summary

### Background

The Resolution Professional filed an application to withdraw IB-547/ND/2019. The counsel for the Applicant/RP was heard, and the averments in the application were perused. The Applicant submitted Form FA and a resolution dated 2020-03-13, by which the CoC resolved to file a withdrawal application.

## Facts

The Resolution Professional (RP) filed an application to withdraw IB-547/ND/2019. The Applicant placed on record Form FA and a resolution dated 2020-03-13, indicating the Committee of Creditors (CoC) resolved to file a withdrawal application. The court noted that Form FA was duly signed by the Authorised Representative of the Operational Creditor. The RP's counsel submitted that the RP had received the cost and fee. This led the court to permit the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IB-547/ND/2019 should be allowed given the submissions …

**Ratio:** An application for withdrawal can be allowed if the necessary procedures are followed and

…

**Reasoning:** The court considered the submissions and averments made in the application, noting that

…

**Interpretation:** This indicates that the court is willing to allow the withdrawal of an

…

**Application:** In this case, the court found that the necessary procedures were followed, and

…

## 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 NCLT delivered the order…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: 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-b01db595