# In the matter of Sammrudhi Reality Ltd. I.A. No. 399 of 2020, I.A. Nos. 25,127,288 & 395 of 2021 & I.A. Nos. 101,102,103,104,105 & 106 of 2022 in CP (IB) No. 189-BB-2018

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03535. The case involves multiple Interlocutory Applications (I.A.s) filed in connection with a…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sammrudhi-reality-ltd-ia-no-399-of-2020-ia-nos-25127288-395-of-2021-ia-nos-10110-75b39441

## Summary

### Background

The case involves multiple Interlocutory Applications (I.A.s) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The applications were filed before the National Company Law Tribunal (NCLT), Bengaluru Bench. The I.A.s include requests for withdrawal of applications, substitution of respondents, and directions for payment of unpaid Insolvency Resolution Process costs.

## Facts

M/s. Moonbeam Advisory Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Sammrudhi Reality Ltd. Several Interlocutory Applications (I.A.s) were filed during the CIRP. The Liquidator sought to withdraw certain I.A.s and substitute respondents in others. India Bulls Asset Reconstruction Company Limited assigned its subject debts to Assets Care and Reconstruction Enterprise Ltd (ACRE). The erstwhile Resolution Professional (RP) of Sammrudhi Reality Ltd sought directions for payment of unpaid Insolvency Resolution Process costs amounting to Rs.2,30,30,622/-. The Liquidator confirmed that the unpaid CIRP cost shall be paid from the proceeds of the sale and shall be paid on priority in terms of the waterfall mechanism provided under Section 53

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## Issues and analysis

### Issue 1: Whether the Liquidator can withdraw certain I.A.s with the liberty to file fresh/better …

**Ratio:** The court has the discretion to allow the withdrawal of applications if it is in the

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**Reasoning:** The learned Counsel appearing for the Liquidator sought leave of the Tribunal to withdraw

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**Interpretation:** The interpretation involves understanding the court's power to allow withdrawal

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**Application:** The court applied the ratio to the specific facts of the case and permitted the

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## Parties

- **Judges:** SH. AJAY KUMAR…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Moonbeam…
- **Respondents:** M/s. Sammrudhi…

## Timeline

- **2022-03-25 — Order Del…**: Order delivered on…
- **2022-04-07 — Next Hearin…**: I.A No. 25 of 2021, I.A No. 395 of 2021 and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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