# In the matter of KRP Infrastrauctures & Builders Pvt. Ltd. CA No. 28-2020 in CP(IB)No. 172-ALD-2019

> NCLT judgment dated 2020-01-27. Citation: TCN-2020-NCLT-02182. The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-NCLT-02182
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krp-infrastrauctures-builders-pvt-ltd-ca-no-28-2020-in-cpibno-172-ald-2019-6433b1d7

## Summary

### Background

The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The tribunal had admitted the application on 17.12.2019, appointing the applicant as the IRP. The IRP took charge and approached the directors of the corporate debtor, who assured full cooperation in the Corporate Insolvency Resolution Process (CIRP). The IRP filed its first progress report on 06.01.2020. Before the IRP could constitute the Committee of Creditors (COC) by 09.01.2020, the directors of the Corporate Debtor Company informed the IRP that they had approached the Operational Creditor and settled the dues against

…

## Facts

M/s Creative Enterprises filed a Corporate Insolvency Resolution Process (CIRP) application against M/s KRP Infrastructures & Builders Pvt. Ltd. The application was admitted on 2019-12-17, and an Interim Resolution Professional (IRP) was appointed. The IRP took charge and prepared to constitute the Committee of Creditors (COC). However, the directors of M/s KRP Infrastructures & Builders Pvt. Ltd. informed the IRP that they had settled the dues with M/s Creative Enterprises, the Operational Creditor. Following the settlement, M/s Creative Enterprises approached the IRP to withdraw the CIRP application. The IRP then filed an application for withdrawal as per Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The

…

## Issues and analysis

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

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations, allows for the

…

**Reasoning:** The Adjudicating Authority considered the fact that the Operational Creditor and the

…

**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing a CIRP

…

**Application:** In this case, the Operational Creditor and the Corporate Debtor settled their

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/s Creative…
- **Respondents:** M/s KRP Infrastruc…

## Timeline

- **2019-12-17 — Admission of Ap…**: The tribunal admitted the application and…
- **2020-01-06 — IRP Files First…**: The IRP filed its first progress report after taking charge and approaching the directors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/krp-infrastrauctures-builders-pvt-ltd-ca-no-28-2020-in-cpibno-172-ald-2019-6433b1d7