# 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-01897. M/s. Sycamore Foods and Technologies Private Limited, an operational creditor, filed…

- **Court:** NCLT
- **Order date:** 19 Feb 2020
- **Citation:** TCN-2020-NCLT-01897
- **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-f36f9969

## Summary

### Background

M/s. Sycamore Foods and Technologies Private Limited, an operational creditor, 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, the corporate debtor, due to 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 formation of a Committee of Creditors. The promoter of the corporate debtor approached the operational creditor and proposed repayment in installments,

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## Facts

M/s. Sycamore Foods and Technologies Private Limited (Operational Creditor) filed C.P.(IB)No. 90/BB/2019 against M/s. Breadworks Gourmet Foods Private Limited (Corporate Debtor) for a default of Rs. 23,00,000/- plus 18% interest. The NCLT admitted the case on 23.10.2019 and initiated CIRP, appointing an IRP. The IRP issued a public announcement for creditors to submit claims by 17.12.2019, but no claims were received. The Corporate Debtor's promoter approached the Operational Creditor, proposing repayment in installments. The parties negotiated and reached a settlement. The Operational Creditor then filed I.A. No. 105/2020 to withdraw the CIRP application. The IRP supported the withdrawal, citing the absence of claims and the lack of a Committee of Creditors. 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. …

**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 CIRP

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**Application:** In this case, the Operational Creditor and Corporate Debtor reached a

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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 and initiated CIRP against M/s. Breadworks…
- **2019-12-02 — Public Annou…**: IRP issued a public announcement…

## 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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