# 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-05273. The case involves an application for withdrawal of the insolvency resolution process under…

- **Court:** NCLT
- **Order date:** 10 Jan 2019
- **Citation:** TCN-2019-NCLT-05273
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kalika-press-pvt-ltd-cp-ib-no-251-kb-2018-d3dacf13

## Summary

### Background

The case involves an application for withdrawal of the insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code (IBC). The application was filed due to a settlement of claims between the Operational Creditor and the Corporate Debtor. The Operational Creditor's claim has been repaid by way of a post-dated cheque.

## Facts

Sudarshan Paper & Board Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Kalika Press Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed. Subsequently, the Operational Creditor's claim was settled, with repayment made via a post-dated cheque. The IRP then submitted an application (CA(IB) No. 32/KB/2019) under Section 12A of the IBC for withdrawal of the CIRP, which was approved by the Committee of Creditors (CoC) with a 100% vote share. The resolution cost and fees of the IRP were discharged by the Operational Creditor. The application for withdrawal was based on the settlement of the claim due to the Operational Creditor from the Corporate Debtor.

## 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 a

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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 provides a mechanism for settling disputes and withdrawing CIRP

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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…

## Timeline

- **2019-01-10 — Hearing…**: Hearing held on January…
- **N/A — Filing of CA(IB) No.…**: IRP filed CA(IB) No. 32/KB/2019 under Section 12A of the I&B Code for withdrawal of CIRP…

## 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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