# In the matter of Sudeep Plastics Private Limited

> NCLT judgment dated 2023-05-16. Citation: TCN-2023-NCLT-03356. The case involves an Interlocutory Application (IA 1781/2023) filed in a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 16 May 2023
- **Citation:** TCN-2023-NCLT-03356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sudeep-plastics-private-limited-15465272

## Summary

### Background

The case involves an Interlocutory Application (IA 1781/2023) filed in a Corporate Insolvency Resolution Process (CIRP) against Sudeep Plastics Private Limited. The CIRP was initiated based on a Company Petition (CP (IB)/2584(MB)2019) which was admitted on 30.03.2023. The Interim Resolution Professional (IRP) took steps to initiate the CIRP, including publishing notices inviting claims from stakeholders. However, the original petitioner and the corporate debtor settled the matter, leading the original petitioner to withdraw from the CIRP. The IRP then filed the IA seeking withdrawal of the CIRP.

## Facts

A Company Petition was admitted against Sudeep Plastics Private Limited on 30.03.2023, initiating the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) was appointed. The IRP communicated the admission order on 03.04.2023. The IRP published notices inviting claims from stakeholders on 06.04.2023 and 07.04.2023. Only one claim was received from the State Tax Dept. of Gujarat Unit-2(74), Vapi, amounting to Rs. 2,41,885/-. The IRP was required to complete verification of claims by 24.04.2023. On 19.04.2023, the original petitioner communicated that the matter had been settled with the Promotors/Directors of the Corporate Debtor and that they no longer wished to continue with the CIRP. The original petitioner informed the IRP that

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of the CIRP before the formation of …

**Ratio:** The Adjudicating Authority can invoke its jurisdiction under Rule 11 of the NCLT Rules,

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**Reasoning:** The court relied on the judgment passed by the Hon'ble Apex Court in the case of Swiss

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**Interpretation:** This legal issue concerns the power of the Adjudicating Authority (NCLT) to

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**Application:** In this case, the original petitioner and the corporate debtor settled the

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Appellants:** TOYO INK INDIA…
- **Respondents:** SUNDEEP PLASTICS…

## Timeline

- **2023-03-30 — Admission of Company…**: Company Petition against the Corporate Debtor…
- **2023-04-03 — Communication of…**: Admission Order was communicated to…

## 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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