# In the matter of Subhlaxmi Compusis Private Limited

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02219. The case involves multiple IAs (Interlocutory Applications) filed under the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/subhlaxmi-compusis-private-limited-d3dc4926

## Summary

### Background

The case involves multiple IAs (Interlocutory Applications) filed under the Insolvency and Bankruptcy Code (IBC). The applicant seeks to withdraw IA(I.B.C)/370(KB)2024. An IRP (Interim Resolution Professional) has been replaced, necessitating corrections in the cause title. Additional payments have been made to the RP (Resolution Professional). An application, IA(I.B.C)/227(KB)2023, has been preferred by the new RP seeking reliefs, and voting for withdrawal has been resolved. The Corporate Debtor's insolvency process is being withdrawn.

## Facts

Satyam Traders initiated a Corporate Insolvency Resolution Process (CIRP) against Subhlaxmi Compusis Private Limited under Section 9 of the IBC. Several Interlocutory Applications (IAs) were filed during the process. The applicant sought to withdraw IA(I.B.C)/370(KB)2024. Mr. Amit Patni, the initial IRP, was replaced by Mr. Rajesh Keshri, requiring a substitution in the cause title. In addition to Rs. 3 Lakhs, Rs. 4 Lakhs were paid to the RP via demand draft, as per the court's direction on February 7, 2024. This payment was handed over to Mr. Makkar's client. IA(I.B.C)/227(KB)2023 was filed by the new RP seeking reliefs outlined in Form FA. Voting for withdrawal showed 100% resolution, leading to the filing of a withdrawal petition. Consequently, the CP itself was

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## Issues and analysis

### Issue 1: Whether IA(I.B.C)/370(KB)2024 …

**Ratio:** An applicant has the liberty

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**Reasoning:** The Ld. Counsel appearing for the Applicant

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**Interpretation:** The court recognizes the applicant's

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**Application:** Since the applicant sought to withdraw IA(I.B.C)/370(KB)2024, the court

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** SATYAM TR…
- **Respondents:** SUBHLAXMI…
- **Advocates:** Dripto Ma…; Suranjana…; +2 more

## Timeline

- **2024-03-05 — Hearing…**: Attendance-cum-order sheet of the…
- **2024-02-07 — Direction for…**: Direction on 07th February, 2024, for payment…

## 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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