# In the matter of Genesys Biologics Pvt. Ltd. IA (IBC) No. 229-2021 in CP (IB) No. 361-7-HDB-2020

> NCLT judgment dated 2021-08-26. Citation: TCN-2021-NCLT-01281. IA No. 229/2021 was filed in CP (IB) No. 361/7/HDB/2020. The application was filed by the…

- **Court:** NCLT
- **Order date:** 26 Aug 2021
- **Citation:** TCN-2021-NCLT-01281
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/genesys-biologics-pvt-ltd-ia-ibc-no-229-2021-in-cp-ib-no-361-7-hdb-2020-fc0d835b

## Summary

### Background

IA No. 229/2021 was filed in CP (IB) No. 361/7/HDB/2020. The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the Corporate Insolvency Resolution Process (CIRP) Regulations. The application stated that the matter had been settled between the parties. The Committee of Creditors (CoC) had not yet been constituted. The Financial Creditor (FC) filed form FA along with the deed of settlement to the IRP, which was taken on record.

## Facts

Genesys Biologies Ltd is the company involved in the Company Petition/Application. Zydus Healthcare Ltd is the petitioner. Genesys Biologies Ltd is also the respondent. IA No. 229/2021 was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC, stating that the matter is settled between the parties. The CoC was not yet constituted. The Financial Creditor (FC) filed form FA along with the deed of settlement to the IRP. The court considered the submissions made by the IRP and allowed IA No. 229/2021, dismissing CP (IB) No. 361/7/HDB/2020 as withdrawn.

## Issues and analysis

### Issue 1: Whether IA No. 229/2021 filed under Section 12A of the IBC, seeking withdrawal of the CIRP based on …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court considered the submissions made by the IRP, which stated that the matter had

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

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**Application:** In this case, since the CoC was not yet constituted and the IRP submitted that

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## Parties

- **Judges:** Shrimadan…; BINOD KUMAR…
- **Appellants:** Zydus Healthcare…
- **Respondents:** Genesys Biologies…

## Timeline

- **2021-08-26 — Hearing…**: Hearing held on…
- **2021-08-31 — Order Da…**: Order issued on…

## 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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