# In the matter of Kairali Shipping Agencies Private Limited C.A-194-C-III-ND-2019

> NCLT judgment dated 2019-04-10. Citation: TCN-2019-NCLT-03986. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 10 Apr 2019
- **Citation:** TCN-2019-NCLT-03986
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kairali-shipping-agencies-private-limited-ca-194-c-iii-nd-2019-3dbe72a9

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Kairali Shipping Agencies Private Limited. The CIRP was admitted on 2018-12-17 based on a settlement between BSL Freight Solutions Private Limited (the applicant, now known as Transworld Integrated Logistek Pvt Ltd) and Kairali Shipping Agencies Private Limited. The application for withdrawal is based on a settlement dated 2019-03-12 between the parties, where Kairali Shipping Agencies agreed to pay arrears of Rs. 10,60,667/- to Transworld Integrated Logistek.

## Facts

BSL Freight Solutions Private Limited (now Transworld Integrated Logistek Pvt Ltd) initiated Corporate Insolvency Resolution Process (CIRP) against Kairali Shipping Agencies Private Limited. The CIRP was admitted on 2018-12-17. Subsequently, a settlement was reached between the parties on 2019-03-12, where Kairali Shipping Agencies agreed to pay Rs. 10,60,667/- to Transworld Integrated Logistek. The Committee of Creditors (CoC) approved the settlement and CIRP costs with a 100% vote. The Operational Creditor remitted Rs. 2 lakhs as per the Tribunal's order. The suspended director of Kairali Shipping Agencies submitted a cheque dated 2019-03-25 for Rs. 2,12,282/- towards the balance CIRP cost. The Resolution Professional then filed an application for withdrawal of the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

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

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**Reasoning:** The court considered the settlement reached between BSL Freight Solutions Private Limited

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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 settlement, CoC approval, and payment of CIRP costs satisfied

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## Parties

- **Judges:** DEEPTI M…; DeepaKr…
- **Appellants:** BSL FREIGHT…
- **Respondents:** KAIRALI SHIPPING…

## Timeline

- **2018-12-17 — CIRP Admi…**: Corporate Insolvency Resolution Process…
- **2019-03-12 — Settlemen…**: Settlement dated 2019-03-12…

## 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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