# In the matter of Anil Chhabria 
Vs.
SBICAP Trustee Company Ltd. & Ors Company Appeal (AT) (Ins) No. 378 of 2022

> NCLAT judgment dated 2022-06-02. Citation: TCN-2022-NCLAT-00442. This appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against…

- **Court:** NCLAT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLAT-00442
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anil-chhabria-vs-sbicap-trustee-company-ltd-ors-company-appeal-20373e53

## Summary

### Background

This appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated March 28, 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-V). The Adjudicating Authority had dismissed an application filed under Section 12A of the Code, read with Rule 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Radius Estate Projects Private Limited, due to a settlement between the Corporate Debtor and the Financial Creditor, SBICAP Trustee Company Ltd. The CIRP was initiated on September 6, 2021, following an application by SBICAP Trustee

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## Facts

SBICAP Trustee Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which led to the initiation of CIRP against Radius Estate Projects Private Limited on September 6, 2021. An Insolvency Resolution Professional (IRP) was appointed, and a public announcement was made, inviting creditors to submit their claims. Dewan Housing Finance Corporation Ltd (DHFL), later taken over by Piramal Capital and Housing Finance Limited (Piramal), submitted a claim of Rs. 2343,90,99,483/-. An earlier appeal, CA(AT) (Ins) No. 820 of 2021, was disposed of due to a settlement between SBICAP and Radius Private Limited. Subsequently, SBICAP moved an application under Section 12A of the Code to withdraw the CIRP, supported by a consent form from Radius

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in dismissing the application for withdrawal of CIRP under …

**Ratio:** The ratio is that the Adjudicating Authority must consider all relevant factors,

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**Reasoning:** The NCLAT reasoned that the Adjudicating Authority did not adequately consider Regulation

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**Interpretation:** Section 12A allows for the withdrawal of CIRP under certain circumstances, and

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**Application:** In this case, the NCLAT found that the Adjudicating Authority did not properly

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## Parties

- **Judges:** Rakesh Kuma…; KanthiNar…; +1 more
- **Appellants:** Anil Chh…
- **Respondents:** Radius Estate…; SBICAP Trustee…
- **Advocates:** Kumar Anura…; Zain A.…; +7 more

## Timeline

- **2021-09-06 — CIRP Init…**: CIRP initiated against Radius Estate Projects Private Limited following an application…
- **2021-09-14 — Public Annou…**: Insolvency Resolution Professional (IRP) issued a public announcement calling upon…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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