# In the matter of Golden Gate Ventures Pvt. Ltd. I.A. No. 552-2019 in C.P. (IB)No. 217-BB-2019

> NCLT judgment dated 2019-11-05. Citation: TCN-2019-NCLT-00721. The case involves an application (I.A.No.552/2019) filed in C.P.(IB)No.217/BB/2018 by Ms.…

- **Court:** NCLT
- **Order date:** 5 Nov 2019
- **Citation:** TCN-2019-NCLT-00721
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-gate-ventures-pvt-ltd-ia-no-552-2019-in-cp-ibno-217-bb-2019-a1419c6e

## Summary

### Background

The case involves an application (I.A.No.552/2019) filed in C.P.(IB)No.217/BB/2018 by Ms. Manjula B.S., the Interim Resolution Professional (IRP) of M/s. Golden Gate Ventures Pvt. Ltd., under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, and Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application sought the consideration and approval for the withdrawal of the main application, which was admitted under Section 9 of the IBC, 2016. The original Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. P.E. Analytics Private Limited, an Operational Creditor, against M/s. Golden Gate Ventures Pvt. Ltd., the Corporate Debtor, due to a default of Rs. 12,04,500/-

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## Facts

M/s. P.E. Analytics Private Limited, an Operational Creditor, filed C.P.(IB)No.217/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Golden Gate Ventures Pvt. Ltd., the Corporate Debtor, due to a default of Rs. 12,04,500/- plus interest of Rs. 6,26,856/-. The Adjudicating Authority admitted the case on 2019-09-30, initiating CIRP and appointing Ms. Manjula B.S. as the IRP. The IRP was to make a public announcement regarding the initiation of CIRP. However, before the public announcement, the Corporate Debtor settled the dues with the Operational Creditor for Rs. 8,00,000. Consequently, FORM FA was submitted to the IRP for withdrawal of the application. The IRP, Ms. Manjula B.S., then filed I.A.No.552/2019 under Section 12A of the IBC,

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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, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The court reasoned that since the Operational Creditor's claim was settled, and the IRP

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**Interpretation:** Section 12A and Regulation 30A are interpreted to provide a mechanism for

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**Application:** In this case, the Corporate Debtor settled the dues with the Operational

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## Parties

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

## Timeline

- **2018-01-01 — C.P.(IB)No.217/BB/2018…**: M/s. P.E. Analytics Private Limited filed C.P.(IB)No.217/BB/2018 against M/s. Golden Gate…
- **2019-07-25 — IBBI Notification on…**: Insolvency and Bankruptcy Board of India issued a notification regarding Regulation 30A,…

## 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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