# In the matter of Sky Build Pvt. Ltd. IA 589-2023 in C.P.(IB)1063-MB-2019

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04519. The application IA 589/2023 was filed by the Resolution Professional for withdrawal of the…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sky-build-pvt-ltd-ia-589-2023-in-cpib1063-mb-2019-0cee038a

## Summary

### Background

The application IA 589/2023 was filed by the Resolution Professional for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 13.12.2019. Only one claim was received upon invitation, leading to a Committee of Creditors (CoC) with only one member. The managing director of the Corporate Debtor passed away in May 2020, hindering the procurement of further details. The CoC resolved to withdraw the CIRP with a 100% vote. An earlier application, IA 2397/2020, for withdrawal was dismissed due to the applicant's ill health.

## Facts

The CIRP was initiated against the Corporate Debtor on 2019-12-13. Upon invitation of claims, only one claim was received, resulting in a CoC with a single member. In May 2020, the managing director of the Corporate Debtor passed away, making it difficult to obtain further information. The CoC unanimously voted to withdraw the CIRP. An earlier application for withdrawal, IA 2397/2020, was dismissed due to the applicant's ill health. The present application, IA 589/2023, was filed for withdrawal of the CIRP. The applicant is the Resolution Professional. The Corporate Debtor is M/s Sky built Pvt. Ltd.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed, considering the limited …

**Ratio:** The court has the discretion to allow the withdrawal of CIRP if it is satisfied that the

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**Reasoning:** The court considered the fact that only one claim was received, the managing director's

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**Interpretation:** This interprets the provisions of the IBC relating to the withdrawal of CIRP,

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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:** SH. SHYAM BABU…; H.V. Subb…
- **Respondents:** Sky built Pvt.…; SKY BUILD P…

## Timeline

- **2019-12-13 — CIRP Init…**: CIRP was initiated…
- **2020-05-01 — Managing Director's…**: The managing director of the…

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