# In the matter of Inter Labs (India) Private Limited IA No. 600-2020 in CP (IB) No. 109-9-HDB-2017

> NCLT judgment dated 2020-08-21. Citation: TCN-2020-NCLT-00801. The case involves an application (IA No. 600/2020) in a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 21 Aug 2020
- **Citation:** TCN-2020-NCLT-00801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inter-labs-india-private-limited-ia-no-600-2020-in-cp-ib-no-109-9-hdb-2017-1c6db1da

## Summary

### Background

The case involves an application (IA No. 600/2020) in a Corporate Insolvency Resolution Process (CIRP) initiated against Inter Labs (India) Private Limited (Corporate Debtor) by Dr. Reddy's Laboratories Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 25.02.2020. Subsequently, both parties entered into a settlement agreement dated 10.07.2020 to settle the dues.

## Facts

Dr. Reddy's Laboratories Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Inter Labs (India) Private Limited, the Corporate Debtor, by filing a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 25.02.2020. Subsequently, both parties entered into a settlement agreement dated 10.07.2020 to settle the outstanding dues. The Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was not yet constituted. In its 2nd meeting held on 10.07.2020, the CoC resolved with 100% voting to withdraw the case filed under Section 9 of IBC. The Operational Creditor settled the IRP fee amounting to Rs. 2,34,667/- including taxes and an amount of Rs.

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## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

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

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**Reasoning:** The Tribunal reasoned that it has the power under Section 12A read with Regulation 30A of

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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 Tribunal applied the provisions of Section 12A and Regulation

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## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…
- **Appellants:** Reddy's Laboratori…
- **Respondents:** Inter Labs…; Inter Labs…

## Timeline

- **2017-01-01 — CP (IB) No. 109/9/HDB/20…**: Corporate Insolvency…
- **2020-02-25 — Admission of…**: Tribunal admitted the petition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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