# In the matter of Breadworks Gourmet Foods Private Limited I.A. No. 105-2020 in C.P. (IB)No. 90-BB-2019

> NCLT judgment dated 2020-02-19. Citation: TCN-2020-NCLT-01899. M/s. Sycamore Foods and Technologies Private Limited filed C.P.(IB)No. 90/BB/2019 under Section…

- **Court:** NCLT
- **Order date:** 19 Feb 2020
- **Citation:** TCN-2020-NCLT-01899
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/breadworks-gourmet-foods-private-limited-ia-no-105-2020-in-cp-ibno-90-bb-2019-c9aeb514

## Summary

### Background

M/s. Sycamore Foods and Technologies Private Limited filed C.P.(IB)No. 90/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Breadworks Gourmet Foods Private Limited, alleging a default of Rs. 23,00,000/- along with 18% interest per annum. The Adjudicating Authority admitted the case on 23.10.2019, initiating CIRP and appointing an Interim Resolution Professional (IRP). The IRP issued a public announcement calling for creditors to submit claims by 17.12.2019, but no claims were received, preventing the constitution of a Committee of Creditors. The Promoter of the Corporate Debtor approached the Operational Creditor, proposing repayment in installments. The Operational Creditor and Corporate Debtor

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## Facts

M/s. Sycamore Foods and Technologies Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Breadworks Gourmet Foods Private Limited, the Corporate Debtor, under Section 9 of the IBC, 2016. The basis for the CIRP was a default amount of Rs. 23,00,000/- along with 18% interest per annum. The NCLT admitted the case on 23.10.2019, appointed an Interim Resolution Professional (IRP), and imposed a moratorium. The IRP issued a public announcement on 02.12.2019, calling for creditors to submit their claims by 17.12.2019. However, no claims were received. The Promoter of the Corporate Debtor approached the Operational Creditor and proposed repayment in installments, leading to a settlement between the parties. The

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## Issues and analysis

### Issue 1: Whether I.A.No.105/2020 should be allowed, permitting the Operational Creditor to withdraw C.P.(IB) …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The court reasoned that since the Operational Creditor and the Corporate Debtor had

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing a CIRP

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**Application:** In this case, the Operational Creditor filed I.A.No.105/2020 seeking to

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Sycamore…
- **Respondents:** M/s. Breadworks…

## Timeline

- **2019-10-23 — Admission o…**: The Adjudicating Authority admitted the case, initiating CIRP and appointing an IRP,…
- **2019-12-02 — Public Annou…**: The IRP issued a Public Announcement (Form-A) calling for creditors to submit claims by…

## 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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