# In the matter of Hawk Leathers Pvt. Ltd. CA No. 943-2019 in CP (IB) No. 251-Chd-Pb-2018

> NCLT judgment dated 2019-11-08. Citation: TCN-2019-NCLT-00666. The application CA No. 943/2019 was filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 8 Nov 2019
- **Citation:** TCN-2019-NCLT-00666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hawk-leathers-pvt-ltd-ca-no-943-2019-in-cp-ib-no-251-chd-pb-2018-8af3e67d

## Summary

### Background

The application CA No. 943/2019 was filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated under Section 12A of the Insolvency and Bankruptcy Code, 2016. The petitioner in the CP had applied to the Resolution Professional in Form FA (Annexure A3) to withdraw the CP due to settlement of his claim. The RP also filed a compliance affidavit stating that the expenses of the IRP have been paid, there was only one financial creditor (State Bank of India), and the corporate debtor's account with the bank was regular. Claims of two other operational creditors were also settled.

## Facts

Surinder Kumar Pupneja, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Hawk Leathers Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP), Mr. Mast Ram, filed an application (CA No. 943/2019) seeking withdrawal of the CIRP under Section 12A of the Code. The petitioner (Surinder Kumar Pupneja) had applied to the Resolution Professional to withdraw the CP as his claim was settled. The RP filed a compliance affidavit stating that the expenses of the IRP have been paid, there was only one financial creditor (State Bank of India), and the corporate debtor's account with the bank was regular. Claims of two other operational creditors were also settled. This settlement of claims is the

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process under Section …

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

…

**Reasoning:** The court considered the fact that the petitioner, who initiated the CIRP, had settled

…

**Interpretation:** Section 12A is interpreted to allow withdrawal of CIRP when the initiating

…

**Application:** In this case, the petitioner (Surinder Kumar Pupneja) settled his claim with

…

## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Surinder Kumar…
- **Respondents:** Hawk Leathers…

## Timeline

- **N/A — Filing of CA No.…**: The Interim Resolution Professional filed an application seeking withdrawal of the…
- **2019-11-06 — Compliance Af…**: The RP filed a compliance affidavit stating that the expenses of the IRP have been paid,…

## 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)

---

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/hawk-leathers-pvt-ltd-ca-no-943-2019-in-cp-ib-no-251-chd-pb-2018-8af3e67d