# In the matter of Goldfish Pharma Private Limited IA No. 461-2020 in CP (IB) No. 223-9-HDB-2019

> NCLT judgment dated 2020-06-24. Citation: TCN-2020-NCLT-01128. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 24 Jun 2020
- **Citation:** TCN-2020-NCLT-01128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goldfish-pharma-private-limited-ia-no-461-2020-in-cp-ib-no-223-9-hdb-2019-a0f72da4

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A (1)(A) of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw a Company Petition (CP(IB)No.223/9/HDB/2019). The petition was initially admitted on 19.03.2020 under Section 9 of the IBC, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Goldfish Pharma Private Limited, and appointing an IRP. The IRP initiated necessary steps, including public announcement and intimation to concerned parties. Subsequently, the parties reached a settlement agreement to resolve the dues amicably.

## Facts

Mundra Enterprises, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Goldfish Pharma Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT), Hyderabad Bench, admitted the petition on 19.03.2020, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), Satyanarayana Veera Venkata Chebrolu. After the public announcement, both parties agreed to settle the dues, executing a settlement agreement dated 29.05.2020, supplemented on 02.06.2020. The Corporate Debtor discharged the operational debt by tendering a Demand Draft of Rs. 51,15,751/- to the Operational Creditor, who then issued authorization in Form FA for the IRP to

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## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** Section 12A of the I&B Code provides the Adjudicating Authority with the power to

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**Reasoning:** The Tribunal reasoned that the parties had settled the matter amicably after the

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the Tribunal applied Section 12A and Regulation 30A to the facts

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## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…
- **Appellants:** Mundra Ente…
- **Respondents:** Gold Fish Pharma…
- **Advocates:** Ms.G.…

## Timeline

- **2020-03-19 — Admission of…**: The Tribunal admitted the petition filed under Section 9 of the IBC, initiating the…
- **2020-03-20 — Initiation…**: The Tribunal passed the order initiating the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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