# In the matter of Sai Akshar Graphics Private Limited

> NCLT judgment dated 2024-06-21. Citation: TCN-2024-NCLT-01131. The case involves an application (IA 3190/2024) for withdrawing CP/915/2022 due to a settlement…

- **Court:** NCLT
- **Order date:** 21 Jun 2024
- **Citation:** TCN-2024-NCLT-01131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sai-akshar-graphics-private-limited-5652c30c

## Summary

### Background

The case involves an application (IA 3190/2024) for withdrawing CP/915/2022 due to a settlement between the parties, which was approved by the Committee of Creditors (CoC) in its 11th meeting held on 24.06.2024. The CoC also approved the withdrawal of IA 4449/2023, which sought liquidation and had orders reserved vide order dated 16.01.2024.

## Facts

Asrec (India) Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Sai Akshar Graphics Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, registered as CP/915/2022. A settlement was reached between the parties, and the Committee of Creditors (CoC) approved this settlement in its 11th meeting held on 24.06.2024. Consequently, an application (IA 3190/2024) was filed to withdraw the CIRP. Additionally, IA 4449/2023, seeking liquidation, was also approved for withdrawal by the CoC, with orders previously reserved vide order dated 16.01.2024. The present order addresses the withdrawal of both CP/915/2022 and IA 4449/2023.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP/915/2022 should be allowed, given the settlement …

**Ratio:** The legal principle applied is that a CIRP application can be withdrawn if a settlement

…

**Reasoning:** The court reasoned that the settlement between the parties, coupled with the CoC's

…

**Interpretation:** This interpretation aligns with the provisions of the Insolvency and Bankruptcy

…

**Application:** In this case, the settlement between Asrec (India) Limited and Sai Akshar

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Asrec (India)…
- **Respondents:** Sai Akshar…

## Timeline

- **2022-01-01 — CP/915/2022…**: CP/915/2022 wa…
- **2024-01-16 — Order Reserved for IA…**: Orders were reserved for IA…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/sai-akshar-graphics-private-limited-5652c30c