# In the matter of Cryptograph Technologies Pvt. Ltd. I.A. No. 124-2021 in C.P. (IB)No. 177-BB-2020

> NCLT judgment dated 2021-04-23. Citation: TCN-2021-NCLT-02320. The case involves an application (I.A. No. 124/2021) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 23 Apr 2021
- **Citation:** TCN-2021-NCLT-02320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cryptograph-technologies-pvt-ltd-ia-no-124-2021-in-cp-ibno-177-bb-2020-945c977e

## Summary

### Background

The case involves an application (I.A. No. 124/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Cryptograph Technologies Pvt. Ltd. The CIRP was initiated based on a petition (C.P.(IB)No.177/BB/2020) filed by the Operational Creditor, M/s. Allegis Services (India) Pvt. Ltd., under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition and appointed Mr. Surender Devasani as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement, leading to the filing of I.A. No. 124/2021 seeking withdrawal of the CIRP under Section 12A of the IBC, read with Regulation 30A of the IBBI (Insolvency Resolution

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## Facts

M/s. Allegis Services (India) Pvt. Ltd. initiated CIRP against M/s. Cryptograph Technologies Pvt. Ltd. by filing C.P.(IB)No.177/BB/2020 under Section 9 of the IBC. The Adjudicating Authority admitted the petition on 2021-03-04, appointing Mr. Surender Devasani as the IRP and imposing a moratorium. Subsequently, the Operational Creditor and the Corporate Debtor entered into a Settlement Agreement dated 2021-04-03. The Operational Creditor then filed Form FA to withdraw the petition. The IRP received the Form FA on 2021-04-06 and submitted a compliance report dated 2021-04-07. The IRP also confirmed receipt of Rs. 1,17,000/- towards the total cost of CIRP. The application for withdrawal, I.A. No. 124/2021, was filed under Section 12A of the IBC, read with Regulation 30A

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of a CIRP application under Section 12A …

**Ratio:** Section 12A of the IBC allows the Adjudicating Authority to permit the withdrawal of an

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**Reasoning:** The court reasoned that the parties had arrived at an amicable settlement to resolve

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications when a

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

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s.Cryptograph…

## Timeline

- **2020-01-01 — Filing of C.P.(IB)No.177…**: M/s. Allegis Services (India) Pvt. Ltd. filed C.P.(IB)No.177/BB/2020 under Section 9 of…
- **2021-03-04 — Admission of C.P.(IB)No.…**: The Adjudicating Authority admitted the petition, initiated CIRP, and appointed Mr.…

## 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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