# In the matter of Cure Life Care Pvt. Ltd. IA 399-2019 in-with C.P. (I.B) No. 388-NCLT-AHM-2018

> NCLT judgment dated 2019-07-11. Citation: TCN-2019-NCLT-02573. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 11 Jul 2019
- **Citation:** TCN-2019-NCLT-02573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cure-life-care-pvt-ltd-ia-399-2019-in-with-cp-ib-no-388-nclt-ahm-2018-58a6f43e

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) for Cure Life Care Pvt. Ltd. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP took several actions, including making public announcements, visiting the corporate debtor's premises, and constituting a Committee of Creditors (CoC). The Central Bank of India, being the sole financial creditor and member of the CoC, filed an application for withdrawal of the CIRP after settling the matter with the corporate debtor. The CoC approved the settlement proposal with 100% voting.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Cure Life Care Pvt. Ltd. The Interim Resolution Professional (IRP) was appointed and took actions such as making public announcements and visiting the corporate debtor's premises. The Central Bank of India, the sole financial creditor and member of the Committee of Creditors (CoC), settled the matter with the corporate debtor. The CoC approved the settlement proposal with 100% voting. The corporate debtor's operations had been closed since 2016, and the physical possession of its assets had been taken by the secured financial creditor under SARFAESI law since November 2018. The IRP was informed that the registered office was on rented premises and no assets or records were available there. The IRP

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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 allows for the withdrawal of the CIRP

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**Reasoning:** The court reasoned that the settlement between the financial creditor and the corporate

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**Interpretation:** Section 12A provides a mechanism for withdrawing the CIRP when a settlement is

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**Application:** In this case, the financial creditor and the corporate debtor reached a

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## Parties

- **Judges:** Harihar Prakash…
- **Appellants:** Premraj Ramratan…
- **Respondents:** Cure Life Care…

## Timeline

- **2019-07-11 — Order Da…**: Order passed by the Adjudicating Authority allowing the withdrawal of the Corporate…
- **2019-05-31 — Order for Commencement…**: Certified copy of order dated 31.05.2019 for commencement of Corporate Insolvency…

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