# 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-01433. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Sept 2019
- **Citation:** TCN-2019-NCLT-01433
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/celebrity-breweries-private-limited-caibno-1150-kb-2019-in-cpib-no-1685-kb-2018-93ac0215

## Summary

### Background

The case involves an application 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. The committee of members had not been constituted.

## Facts

Soufflet Malt Alwar Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Celebrity Breweries Private Limited under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 1150/KB/2019) under Section 12A of the IBC, seeking withdrawal of the CIRP because the matter was settled out of court between the Operational Creditor (Soufflet Malt Alwar Private Limited) and the Corporate Debtor (Celebrity Breweries Private Limited). The Operational Creditor's counsel submitted that the entire debt, including IRP fees and costs, had been paid. The IRP also requested the withdrawal of the amount deposited in the Escrow Account. The court noted that the committee of members had not been constituted.

## 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 considered the submission by the counsel for the Operational Creditor that the

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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 allowing the withdrawal of the

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## Parties

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

## Timeline

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

## 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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