# In the matter of Genexis India Pvt. Ltd. IA-4100-ND-2021 in (IB)-3108-(ND)-2019

> NCLT judgment dated 2021-09-14. Citation: TCN-2021-NCLT-01125. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-NCLT-01125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/genexis-india-pvt-ltd-ia-4100-nd-2021-in-ib-3108-nd-2019-d6f04acc

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the main insolvency application. The application for admitting and initiating the Corporate Insolvency Resolution Process (CIRP) had been previously approved on 2021-07-07.

## Facts

The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, to withdraw the main insolvency application. The CIRP order was initially passed on 2021-07-07. A settlement agreement was reached between the parties, and the Operational Creditor provided consent in Form 'FA'. The IRP confirmed that cheques had been issued to the Operational Creditor and the IRP. The application IB-3108/ND/2019 was for initiating CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main insolvency application, filed under Section 12A …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court considered the submissions made by the IRP, the settlement agreement, and the

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**Interpretation:** Section 12A provides a mechanism for withdrawing an insolvency application if a

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**Application:** In this case, the court applied Section 12A by considering the settlement

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Rohit K…
- **Respondents:** Genexis India…

## Timeline

- **2021-07-07 — CIRP Ord…**: Order passed admitting and initiating the…
- **2021-09-14 — Order for Wit…**: Order delivered allowing the application for withdrawal of the main insolvency…

## 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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