# In the matter Sri Vatsa Hotels Limited IA No. 1117 of 2020 in C.P. (IB) No. 291-9-HDB-2019

> NCLT judgment dated 2020-12-08. Citation: TCN-2020-NCLT-00136. The Interlocutory Application (IA No. 1117 of 2020) was filed in CP(IB) No. 291/9/HDB/2019 by…

- **Court:** NCLT
- **Order date:** 8 Dec 2020
- **Citation:** TCN-2020-NCLT-00136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-sri-vatsa-hotels-limited-ia-no-1117-of-2020-in-cp-ib-no-291-9-hdb-a895e0d0

## Summary

### Background

The Interlocutory Application (IA No. 1117 of 2020) was filed in CP(IB) No. 291/9/HDB/2019 by the Resolution Professional under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 13 of the NCLT Rules, 2016. The application sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited), the Corporate Debtor. The Tribunal had previously admitted a Company Petition under Section 9 of the IBC, 2016, filed by M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) against the Corporate Debtor, initiating CIRP and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. After the admission of the petition, the

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## Facts

M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited)/Corporate Debtor. The Tribunal admitted the petition on 2019-09-30, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. The IRP issued a public announcement on 2019-10-02, inviting claims from creditors and received only one claim from the Operational Creditor. The Corporate Debtor filed an appeal before the NCLAT, which set aside the Tribunal's order, contingent upon the terms of a settlement agreement. The Corporate Debtor defaulted

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## Issues and analysis

### Issue 1: Whether the Tribunal can permit the withdrawal of the Corporate Insolvency Resolution Process …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The Tribunal considered the settlement reached between the parties, the payment of the

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for parties to settle their

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**Application:** In this case, the Tribunal applied the provisions of Section 12A and Regulation

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Respondents:** Vatsa Hotels…; Vatsa Hote…

## Timeline

- **2019-09-30 — Admission of Company…**: The Tribunal admitted the Company Petition filed under Section 9 of the Insolvency &…
- **2019-10-02 — Public Annou…**: The IRP issued a public announcement…

## 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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