# In the matter of Kalika Press Pvt. Ltd. C.P. (IB) No. 251-KB-2018

> NCLT judgment dated 2019-01-10. Citation: TCN-2019-NCLT-05280. The case involves Sudarshan Paper & Board Pvt. Ltd. versus Kalika Press Pvt. Ltd. It concerns…

- **Court:** NCLT
- **Order date:** 10 Jan 2019
- **Citation:** TCN-2019-NCLT-05280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kalika-press-pvt-ltd-cp-ib-no-251-kb-2018-c5bd33e5

## Summary

### Background

The case involves Sudarshan Paper & Board Pvt. Ltd. versus Kalika Press Pvt. Ltd. It concerns an application filed under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) filed CA(IB) No. 32/KB/2019 under Section 12A of the IBC, citing a settlement of claim due to the Operational Creditor from the Corporate Debtor.

## Facts

Sudarshan Paper & Board Pvt. Ltd. initiated insolvency proceedings against Kalika Press Pvt. Ltd. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 32/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The reason for the withdrawal was the settlement of the claim of the Operational Creditor by the Corporate Debtor. The Operational Creditor's claim was repaid via a post-dated cheque. The IRP submitted the withdrawal application to the Committee of Creditors (CoC), which approved it with a 100% vote share. The resolution costs and IRP fees were discharged by the Operational Creditor. This settlement and subsequent approval by the CoC formed the basis for

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court reasoned that the matter was settled as per Section 12A of the Code read with

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**Interpretation:** Section 12A of the IBC is interpreted to allow withdrawal of CIRP if the CoC

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**Application:** In this case, the Operational Creditor's claim was settled, and the CoC

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## Parties

- **Judges:** Jinan…
- **Appellants:** Sudarshan Paper &…
- **Respondents:** Kalika Press…
- **Advocates:** Sk. Shahruk…; Avishek…

## Timeline

- **2019-01-10 — Hearing…**: Hearing held on January…

## 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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