# In the matter of Gouthami Hatcheries Pvt. Ltd. IA (IBC) 226 & 664-2021 in CP (IB) No. 33-7-HDB-2020

> NCLT judgment dated 2021-11-10. Citation: TCN-2021-NCLT-00541. The case involves an application (IA) filed in connection with a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 10 Nov 2021
- **Citation:** TCN-2021-NCLT-00541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gouthami-hatcheries-pvt-ltd-ia-ibc-226-664-2021-in-cp-ib-no-33-7-hdb-2020-94124d36

## Summary

### Background

The case involves an application (IA) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application, IA No. 664/2021, was filed by the Resolution Professional seeking withdrawal of the main Company Petition (CP (IB) No. 33/7/HDB/2020) based on an amicable settlement between the parties.

## Facts

Indian Agro and Food Industries Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Gouthami Hatcheries Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was registered as CP (IB) No. 33/7/HDB/2020. Subsequently, IA No. 664/2021 was filed by the Resolution Professional under Section 12-A, seeking withdrawal of the CIRP. The basis for the withdrawal was an amicable settlement reached between Indian Agro and Food Industries Ltd (Financial Creditor) and Gouthami Hatcheries Pvt Ltd (Corporate Debtor). The settlement was documented in a memo submitted to the court. The key fact is the amicable settlement between the parties, which led to the application for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) in CP …

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

…

**Reasoning:** The court considered the memo submitted by the Resolution Professional, which documented

…

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

…

**Application:** In this case, the court applied Section 12-A by considering the memo of

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Indian Agro and…
- **Respondents:** Gouthami Hatcherie…

## Timeline

- **2020-01-01 — CP (IB)…**: CP (IB) No. 33/7/HDB/2020 filed…
- **2021-01-01 — IA Filed…**: IA No. 664/2021 filed by the Resolution Professional for withdrawal of CP (IB) No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/gouthami-hatcheries-pvt-ltd-ia-ibc-226-664-2021-in-cp-ib-no-33-7-hdb-2020-94124d36