# In the matter of Celebrity Breweries Private Limited CA(IB)No. 1150-KB-2019 in CP(IB) No. 1685-KB-2018

> NCLT judgment dated 2019-09-17. Citation: TCN-2019-NCLT-01439. The case involves an application (CA(IB) No. 1150/KB/2019) filed under Section 12A of the…

- **Court:** NCLT
- **Order date:** 17 Sept 2019
- **Citation:** TCN-2019-NCLT-01439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/celebrity-breweries-private-limited-caibno-1150-kb-2019-in-cpib-no-1685-kb-2018-83f5ee7f

## Summary

### Background

The case involves an application (CA(IB) No. 1150/KB/2019) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by the Interim Resolution Professional (IRP). The matter was settled out of the Tribunal between the Operational Creditor and the Corporate Debtor, and the committee of members was not constituted. The Operational Creditor's counsel submitted that the entire debt, IRP fees, and costs have been paid. They requested withdrawal of the Corporate Insolvency Resolution Process (CIRP) and the amount deposited in the Escrow Account.

## Facts

Soufflet Malt Alwar Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. An application, CA(IB) No. 1150/KB/2019, was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC, seeking withdrawal of the CIRP. The basis for the withdrawal was a settlement reached between Soufflet Malt Alwar Private Limited (Corporate Debtor) and Celebrity Breweries Private Limited (Operational Creditor) outside the Tribunal. The Operational Creditor's counsel confirmed that the entire debt, along with IRP fees and costs, had been paid. The application also included a request for the withdrawal of the amount deposited in the Escrow Account, as per the order dated 27/08/2019 and

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of a

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**Reasoning:** The court noted that the matter was settled out of the Tribunal between the Operational

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes outside

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**Application:** In this case, the court applied Section 12A by considering the settlement

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Soufflet Malt…; Celebrity…

## Timeline

- **2019-09-17 — Hearing…**: Hearing held on September…
- **2019-08-27 — Escrow Account Order…**: Order date for 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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