# In the matter of Bhattad Brothers Realty Pvt. Ltd. MA 3403-2019 in C.P.(IB) 1311-(MB)-2018

> NCLT judgment dated 2019-10-23. Citation: TCN-2019-NCLT-00850. The case involves an application (MA 3403/2019) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 23 Oct 2019
- **Citation:** TCN-2019-NCLT-00850
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhattad-brothers-realty-pvt-ltd-ma-3403-2019-in-cpib-1311-mb-2018-0ad076b8

## Summary

### Background

The case involves an application (MA 3403/2019) filed by the Interim Resolution Professional for withdrawal of CP 1311/2019 under section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, Bhattad Brothers Realty Private Limited, by order of the Mumbai Bench of the National Company Law Tribunal (NCLT) dated 05.09.2019. The admission order was uploaded and communicated to the applicant on 24.09.2019. A public announcement was issued, but no claims were received. The Financial Creditor and Corporate Debtor entered into a Settlement Agreement on 04.10.2019, and Form FA dated 11.10.2019 was communicated to the applicant.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Bhattad Brothers Realty Private Limited based on Section 7 of the Insolvency and Bankruptcy Code, 2016. An order was passed on 05.09.2019 admitting the application. The admission order was uploaded and communicated to the applicant on 24.09.2019. A public announcement was made. Subsequently, the Financial Creditor and the Corporate Debtor entered into a settlement agreement on 04.10.2019. Form FA was communicated to the applicant on 11.10.2019. The Interim Resolution Professional filed MA 3403/2019 under Section 12A of the IBC for withdrawal of the CIRP before the formation of the Committee of Creditors (CoC). No claims were received by the applicant.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court considered the fact that the application for withdrawal was filed before the

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications,

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**Application:** In this case, the application for withdrawal was filed before the CoC was

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## Parties

- **Judges:** Bhaskara Pantula…; RAJESH S…
- **Respondents:** BHATTAD BROTHERS…; Bhattad Brothers…

## Timeline

- **2019-05-09 — CIRP Initiati…**: The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor,…
- **2019-09-24 — Admission Order…**: The admission order dated 05.09.2019 was uploaded on the website and communicated by the…

## 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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