# In the matter of Airlink Teleinfra LLP IA-223(AHM)-2021 in CP (IB) 574 of 2019

> NCLT judgment dated 2021-03-31. Citation: TCN-2021-NCLT-02518. The case involves an application filed under Section 12A of the IB Code to withdraw the CP(IB)…

- **Court:** NCLT
- **Order date:** 31 Mar 2021
- **Citation:** TCN-2021-NCLT-02518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/airlink-teleinfra-llp-ia-223ahm-2021-in-cp-ib-574-of-2019-f4e06c57

## Summary

### Background

The case involves an application filed under Section 12A of the IB Code to withdraw the CP(IB) 574/2019. The CP(IB) 574/2019 was admitted on 01.03.2021, and Mr. Nandish Sunilbhai Vin was appointed as the IRP. After the admission, both parties entered into a settlement, leading to the withdrawal application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Airlink Teleinfra LLP, with CP(IB) 574/2019 being admitted on 2021-03-01 and Nandish Sunilbhai Vin appointed as the Interim Resolution Professional (IRP). Subsequently, the parties reached a settlement, leading to the filing of an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the CIRP. The application was supported by Form-FA, and the IRP's learned lawyer submitted that the Committee of Creditors (COC) had not yet been constituted. The IRP's professional fees and expenses were cleared. The court considered the settlement and the Supreme Court's observation in Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors., which clarified that a party can

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** The legal principle applied is that under Section 12A of the IB Code, the Adjudicating

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**Reasoning:** The court reasoned that since the parties had reached a settlement and the COC had not

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**Interpretation:** Section 12A of the IB Code is interpreted to allow for the withdrawal of CIRP

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**Application:** In this case, the parties reached a settlement after the admission of CP(IB)

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Airlink Teleinfra…

## Timeline

- **2021-03-01 — Admission of CP(IB)…**: The Corporate Insolvency Resolution Process (CIRP) application CP(IB) 574/2019 was…
- **2021-03-31 — Order for Wit…**: The NCLT Ahmedabad Bench passed an order allowing the withdrawal of the CIRP application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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