# In the matter of Wisdom IT Services Pvt. Ltd. Contempt Petition 1-2022 & IA (IBC) 888, 514, 416, 406, 303 & 302-2022 in CP (IB) No. 15-9-HDB-2020

> NCLT judgment dated 2022-09-01. Citation: TCN-2022-NCLT-01194. The case pertains to a Contempt Petition filed in relation to a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 1 Sept 2022
- **Citation:** TCN-2022-NCLT-01194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wisdom-it-services-pvt-ltd-contempt-petition-1-2022-ia-ibc-888-514-416-406-303-3-dcc21b2f

## Summary

### Background

The case pertains to a Contempt Petition filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Wisdom IT Services Pvt Ltd. Falcon Minds Consulting Pvt Ltd is the operational creditor. The application seeks withdrawal of the CIRP order dated 01.09.2022.

## Facts

Falcon Minds Consulting Pvt Ltd initiated CIRP against M/s Wisdom IT Services Pvt Ltd. The CIRP order was issued on 01.09.2022. Subsequently, the corporate debtor settled the matter with the operational creditor, and the amount payable was duly paid. The Resolution Professional (RP) presented a resolution passed by the Committee of Creditors (COC) supporting the withdrawal of the CIRP. The RP also filed Form FA. The court noted that proof of payment had been filed and that the resolution showed requisite majority. Based on these facts, the court allowed the application to withdraw the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the settlement …

**Ratio:** A CIRP can be withdrawn if the corporate debtor settles the dues with the operational

…

**Reasoning:** The court reasoned that the corporate debtor had settled the matter with the operational

…

**Interpretation:** This case interprets the provisions related to the withdrawal of CIRP under the

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Falcon Minds…
- **Respondents:** M/s Wisdom IT…

## Timeline

- **2022-09-01 — CIRP Ord…**: CIRP order was issued…
- **2022-09-01 — Hearing…**: Hearing held on 01.09.2022 at…

## 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)

---

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/wisdom-it-services-pvt-ltd-contempt-petition-1-2022-ia-ibc-888-514-416-406-303-3-dcc21b2f