# In the matter of Krebs Biochemicals and Industries Limited IA No. 73,74,75 of 2020 in CP (IB) No. 172-9-AMR-2019

> NCLT judgment dated 2020-06-09. Citation: TCN-2020-NCLT-01215. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Jun 2020
- **Citation:** TCN-2020-NCLT-01215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krebs-biochemicals-and-industries-limited-ia-no-737475-of-2020-in-cp-ib-no-172-9-5bd81332

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30(A) of the Corporate Insolvency Resolution Process (CIRP) Regulations, 2016. The applicant sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) petition CP (IB) No. 172/9/AMR/2019. Regular court proceedings were suspended due to the COVID-19 pandemic.

## Facts

The key facts are as follows: An application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP petition CP (IB) No. 172/9/AMR/2019. The applicant is Mr. Rajesh Chhaparia, the IRP of Krebs Biochemicals and Industries Limited. The counsel for the petitioner stated that full payment had been made to the creditors by the suspended Board of Directors. Form A was filed to that effect. The court allowed the withdrawal of the CIRP petition. The relevance of these facts is that they demonstrate the fulfillment of the conditions for withdrawal under Section 12A, leading to the termination of the CIRP.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that the counsel for the petitioner stated that full payment had been

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**Interpretation:** Section 12A provides a mechanism for settling disputes and allowing the

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**Application:** In this case, the court applied the ratio by considering the statement of the

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** Rajesh Chh…
- **Respondents:** Krebs Bio-Chemical…; Srid…

## Timeline

- **2020-03-22 — Notice of Suspension of…**: NCLT, Principal Bench issued a notice suspending court proceedings due to the COVID-19…
- **2020-04-14 — NCLT Cir…**: NCLT issued a circular…

## 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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