# In the matter of Joyross Technical Services Pvt. Ltd. MA-10-KOB-2020 in IBA-39-KOB-2019

> NCLT judgment dated 2020-02-04. Citation: TCN-2020-NCLT-02094. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 4 Feb 2020
- **Citation:** TCN-2020-NCLT-02094
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/joyross-technical-services-pvt-ltd-ma-10-kob-2020-in-iba-39-kob-2019-9c038a65

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the IBC, 2016 by M/s Chryso (India) Pvt Ltd (Operational Creditor) against M/s Joyross Technical Services Pvt Ltd (Corporate Debtor). The Interim Resolution Professional (IRP) sought the withdrawal of IBA/39/KOB/2019. The Tribunal had admitted the application on 2019-11-14. After the constitution of the Committee of Creditors (CoC), the Operational Creditor and Corporate Debtor reached a settlement where the Corporate Debtor agreed to pay Rs. 29,84,838 before 2020-03-31 and issued a post-dated cheque. The Operational Creditor also filed Form FA with the IRP, which was placed before the CoC. The CoC, consisting of Axis Bank Ltd as the sole

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## Facts

M/s Chryso (India) Pvt Ltd, the Operational Creditor, initiated CIRP against M/s Joyross Technical Services Pvt Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The Tribunal admitted the application on 2019-11-14. Shri Mukesh K.P. was appointed as the Interim Resolution Professional (IRP). After the constitution of the Committee of Creditors (CoC), the Operational Creditor and the Corporate Debtor reached a settlement. The Corporate Debtor agreed to pay Rs. 29,84,838 before 2020-03-31 and issued a post-dated cheque. The Operational Creditor filed Form FA with the IRP, which was placed before the CoC. The CoC, consisting of Axis Bank Ltd as the sole financial creditor, agreed to the withdrawal, provided their claim was settled before 2020-03-31. The IRP then

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of an application admitted under

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**Reasoning:** The Tribunal considered the settlement reached between the Operational Creditor and 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 Operational Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Respondents:** Joyross Technical…; Joyross Technical…

## Timeline

- **2019-11-14 — Admission of Ap…**: The Tribunal admitted the application filed under Section 9 of the IBC, 2016, by M/s…
- **2020-02-04 — Order for Wit…**: The Tribunal allowed the application for withdrawal of the Corporate Insolvency…

## 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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