# In the matter of Centuary Agro Chemicals Pvt. Ltd. MA 2467-2019 in C.P. (IB)-615(MB)-2018

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01326. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/centuary-agro-chemicals-pvt-ltd-ma-2467-2019-in-cp-ib-615mb-2018-662b29dc

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The initial order allowed the withdrawal subject to the payment of Rs. 1,00,000 as costs to the Prime Minister's National Relief Fund.

## Facts

Jyoti Polypack LLP filed an application to withdraw CP(IB)-615/(MB)/2018 against Century Agro Chemicals Pvt Ltd under Section 12A of the IBC, 2016. The initial order dated 2019-08-08 allowed the withdrawal subject to a payment of Rs. 1,00,000 to the Prime Minister's National Relief Fund as costs. The applicant, Jyoti Polypack LLP, subsequently filed an additional affidavit annexing the receipt for the payment of the specified amount. The payment of Rs. 1,00,000 to the Prime Minister's National Relief Fund was a condition precedent for the withdrawal of the CIRP. The filing of the additional affidavit with the receipt demonstrates compliance with the court's earlier order.

## Issues and analysis

### Issue 1: Whether the applicant has complied with the condition precedent for withdrawal of CP 615/2018 by …

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

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**Reasoning:** The court considered the additional affidavit filed by the applicant, which included the

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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 court had imposed a condition of payment of Rs. 1,00,000 as

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** Jyoti Polyp…
- **Respondents:** Century Agro…

## Timeline

- **2019-08-08 — Order Da…**: Order issued allowing withdrawal of CP 615/2018 subject to payment of Rs. 1,00,000 as…
- **2019-09-23 — Hearing…**: Hearing of Mumbai Bench of the…

## 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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