# In the matter of Gufic Bioscience Limited MA 3604-2019 in CP (IB)-1497-MB-IV-2019

> NCLT judgment dated 2019-12-03. Citation: TCN-2019-NCLT-00361. This case involves a Miscellaneous Application (MA 3604/2019) filed under section 12A of the…

- **Court:** NCLT
- **Order date:** 3 Dec 2019
- **Citation:** TCN-2019-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gufic-bioscience-limited-ma-3604-2019-in-cp-ib-1497-mb-iv-2019-f10df2dc

## Summary

### Background

This case involves a Miscellaneous Application (MA 3604/2019) filed under section 12A of the Insolvency & Bankruptcy Code, 2016 (IBC) for the withdrawal of a Company Petition [CP(IB)-1497/MB/2019] filed under section 9 of the IBC by Scorpion Express Private Limited against Gufic Bioscience Limited for initiating Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP), Indrajit Mukherjee, appointed on 25.10.2019, sought the withdrawal. The Operational Creditor and Corporate Debtor amicably settled the disputes.

## Facts

Scorpion Express Private Limited, an Operational Creditor, filed a Company Petition against Gufic Bioscience Limited, the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate CIRP. Indrajit Mukherjee was appointed as the Interim Resolution Professional (IRP) on 25.10.2019. Subsequently, the parties reached an amicable settlement, and the Operational Creditor sought to withdraw the Company Petition under Section 12A of the IBC. The IRP had taken charge, issued public advertisements, and submitted Form FA. The Operational Creditor received a settlement amount of Rs.34,03,572/- from the Corporate Debtor. The Corporate Debtor and Operational Creditor executed Consent Terms on 25.10.2019. The court considered the

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## Issues and analysis

### Issue 1: Whether the Miscellaneous Application filed under section 12A of the Insolvency & Bankruptcy …

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

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**Reasoning:** The court considered the amicable settlement between the Operational Creditor and the

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

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**Application:** In this case, the Operational Creditor and the Corporate Debtor had reached an

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Indrajit Mu…
- **Respondents:** Gufic Bioscience…; Scorpion Express…

## Timeline

- **2019-10-22 — CIRP Init…**: CIRP initiated vide…
- **2019-10-25 — IRP Appo…**: Indrajit Mukherjee appointed as…

## 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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