# In the matter of Comare Policy Insurance Web Aggregators Pvt. Ltd. IA-4346-ND-2021 in (IB)-572-ND-2020

> NCLT judgment dated 2021-09-24. Citation: TCN-2021-NCLT-01007. This case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 24 Sept 2021
- **Citation:** TCN-2021-NCLT-01007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/comare-policy-insurance-web-aggregators-pvt-ltd-ia-4346-nd-2021-in-ib-572-nd-202-95f15245

## Summary

### Background

This case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Comare Policy Insurance Web Aggregators Pvt. Ltd. The CIRP was initiated vide an order dated 06.09.2021.

## Facts

Collegedunia Web Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Comare Policy Insurance Web Aggregators Pvt. Ltd. The CIRP was initiated by an order dated 06.09.2021. Subsequently, the parties reached an amicable settlement, executing a settlement agreement dated 16.09.2021. The Interim Resolution Professional (IRP) then filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP. The application included Form-FA, indicating the consent of the applicant. The IRP also stated that there were no outstanding CIRP costs or fees. The key fact is the amicable settlement between the parties, leading to the IRP's application for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC should be allowed …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application if the

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**Reasoning:** The court reasoned that the parties had amicably settled the matter, as evidenced by the

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

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**Application:** In this case, the ratio and reasoning were applied to the specific facts of the

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Collegedunia Web…
- **Respondents:** Comare Policy…

## Timeline

- **2021-09-06 — CIRP Init…**: Order passed initiating CIRP…
- **2021-09-16 — Settlement Ag…**: Parties amicably settled the matter…

## 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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