# In the matter of Krebs Biochemicals and Industries Limited IA No. 73 of 2020 in CP (IB) No. 172-9-AMR-2019

> NCLT judgment dated 2020-06-09. Citation: TCN-2020-NCLT-01221. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 9 Jun 2020
- **Citation:** TCN-2020-NCLT-01221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krebs-biochemicals-and-industries-limited-ia-no-73-of-2020-in-cp-ib-no-172-9-amr-14059828

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition under Section 12A of the Insolvency and Bankruptcy Code, 2016, after full payment was made to the creditors.

## Facts

The regular court proceedings were suspended/closed as per a Notice dated March 22, 2020, issued by the NCLT, Principal Bench, and subsequent follow-up orders due to the COVID-19 pandemic. This suspension affected the normal course of proceedings for the applications before the Amaravati Bench. Interlocutory Applications (IA Nos. 72, 73 & 74 of 2020) were placed before the Member Judicial. Counsel for both parties participated in the hearing via Video Conference (VC). The primary application, IA No. 72/2020, sought to withdraw the Corporate Petition (CP (IB) No. 172/9/AMR/2019) under Section 12A of the IBC, 2017. The application for withdrawal was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30(A) of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) petition can be withdrawn under Section …

**Ratio:** A Corporate Insolvency Resolution Process petition can be withdrawn under Section 12A of

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**Reasoning:** The NCLT considered the submissions from both parties and the categorical statement that

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**Interpretation:** The court interpreted Section 12A of the IBC, 2016, and Regulation 30(A) of the

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**Application:** Given that full payment was confirmed to have been made to the creditors and

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** Rajesh Chh…; IRP of Krebs…; +1 more
- **Respondents:** Krebs Bio-Chemical…; Srid…; +2 more
- **Advocates:** For the Applicant:…; IRP. For the…; +2 more

## Timeline

- **March 22, 2020 — Suspension of Court…**: Regular court proceedings were suspended/closed as per Notice dated 22.03.2020 of NCLT,…
- **April 14, 2020 — NCLT Cir…**: A Circular dated 14.04.2020 from the Registrar, NCLT, was referenced for necessary action…

## 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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