# In the matter of Centurion Remedies Private Limited

> NCLT judgment dated 2026-04-30. Citation: TCN-2026-NCLT-00476. An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 30 Apr 2026
- **Citation:** TCN-2026-NCLT-00476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/centurion-remedies-private-limited-9307d958

## Summary

### Background

An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Centurion Remedies Private Limited. The CIRP was originally initiated based on an application by an Operational Creditor (Covalent Laboratories Pvt. Ltd.) under Section 9 of the IBC, which was admitted by the Adjudicating Authority on April 20, 2026, due to a default of Rs.3,25,83,584/-. The Applicant was appointed as the Interim Resolution Professional.

## Facts

An application under Section 9 of the IBC was filed by the Operational Creditor, Covalent Laboratories Pvt. Ltd., against Centurion Remedies Pvt. Ltd. for a default of Rs.3,25,83,584/-.

The Adjudicating Authority admitted the Section 9 application on April 20, 2026, initiating CIRP against Centurion Remedies Pvt. Ltd. and appointing Mr. Mohit Chawla as the Interim Resolution Professional.

The Interim Resolution Professional made a public announcement on April 22, 2026, inviting claims from creditors.

A settlement agreement was executed on April 27, 2026, between the Operational Creditor and the Suspended Director of the Corporate Debtor, settling the dues for Rs.3,42,14,128.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process initiated against Centurion Remedies Private …

**Ratio:** The Corporate Insolvency Resolution Process (CIRP) can be withdrawn under Section 12A of

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**Reasoning:** The Adjudicating Authority's reasoning was based on the fact that a full and final

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**Interpretation:** Section 12A of the IBC provides a mechanism for the withdrawal of a CIRP

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**Application:** In this specific case, the Adjudicating Authority applied Section 12A and

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Covalent Laborator…; Mohit C…
- **Respondents:** Centurion…
- **Other parties:** Board of Directors…; HDFC…; +1 more
- **Advocates:** Nipun Si…; Dishit Bhattachary…

## Timeline

- **2026-04-20 — CIRP Admi…**: The Adjudicating Authority admitted the Section 9 application, initiating CIRP against…
- **2026-04-22 — Public Announcement by…**: The Interim Resolution Professional made a public announcement inviting claims from…

## 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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