# In the matter of India Offset Printers Pvt. Ltd. IA-47-2022 in IB-98(ND)-2020

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04487. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/india-offset-printers-pvt-ltd-ia-47-2022-in-ib-98nd-2020-11d13201

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against M/s. India Offset Printers (P) Limited. The Financial Creditor, M/s Intec Capital Ltd., filed the application. The application was filed after a settlement agreement was reached between the parties.

## Facts

M/s Intec Capital Ltd. initiated CIRP against M/s India Offset Printers Pvt Ltd. under Section 7 of the IBC. An application was filed under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016, for withdrawal of the CIRP. A settlement agreement was reached between the Financial Creditor and the Corporate Debtor. The Financial Creditor received full and final settlement of its claim, except for Rs. 1.65 crores to be paid by June 10, 2022. The IRP also received full and final settlement of dues. The COC was not constituted as no claims were received. The Financial Creditor did not reserve the right to return to the tribunal if the debtor defaulted on the remaining payment.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed given …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The court considered the settlement agreement between the Financial Creditor and the

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

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**Application:** The court applied Section 12A and Regulation 30A to the facts, noting the

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** M/s Intec Capital…
- **Respondents:** M/s India Offset…; M/s India Offset…

## Timeline

- **2021-12-01 — Settlement Ag…**: Settlement Agreement dated 01.12.2021 was executed between the Financial Creditor and…
- **2022-01-07 — Order Del…**: Order delivered on 07.01.2022…

## 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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