# In the matter of Himagiri Enterprises Private Limited IA No. 1216-2020 in CP (IB) No. 88-7-HDB-2019

> NCLT judgment dated 2021-01-08. Citation: TCN-2021-NCLT-03357. The case involves an application (CP (IB) No. 88/7/HDB/2019) filed by NCC Limited, a financial…

- **Court:** NCLT
- **Order date:** 8 Jan 2021
- **Citation:** TCN-2021-NCLT-03357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/himagiri-enterprises-private-limited-ia-no-1216-2020-in-cp-ib-no-88-7-hdb-2019-1c203f38

## Summary

### Background

The case involves an application (CP (IB) No. 88/7/HDB/2019) filed by NCC Limited, a financial creditor, against Himagiri Enterprises Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and CIRP was initiated. An Interim Resolution Professional (IRP) was appointed and later replaced by Mr. Sridhar V.S. as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with NCC Limited as the sole financial creditor. The CoC approved the issuance of an Expression of Interest (EoI), but no responses were received. Discussions for a One Time Settlement (OTS) were initiated with the suspended Director of the Corporate Debtor, Mr. Nageswara Rao, and confirmed by both parties.

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## Facts

NCC Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Himagiri Enterprises Private Limited by filing CP (IB) No.88/7/HDB/2019, which was admitted on 2020-09-23. Mr. Ram Murthy Kommera was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sridhar V.S. The Committee of Creditors (CoC) consisted solely of NCC Limited. An Expression of Interest (EoI) was issued, but no responses were received. Discussions for a One Time Settlement (OTS) were initiated, and a settlement deed for Rs. 17.56 crores was signed. The settlement involved the transfer of properties and payment of Rs. 5 crores. Due to COVID-19, settlement actions were delayed. The Corporate Debtor handed over two properties and made

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the application/petition in CP (IB) …

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

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**Reasoning:** The Adjudicating Authority observed that the instant application was filed under the

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

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**Application:** In this case, the CoC, comprising the sole financial creditor NCC Limited,

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Respondents:** Himagiri Enterpris…

## Timeline

- **2019-01-01 — CP (IB) No. 88/7/HDB/201…**: Application bearing CP (IB) No.88/7/HDB/2019 was filed by Financial Creditor (M/s. NCC…
- **2020-09-23 — Admission of Application…**: The Adjudicating Authority admitted the application and initiated CIRP against the…

## 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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