# In the matter of Lookman Electroplast Industries Ltd. IA(IBC)-01-CHE-2022 in IBA-480-2020

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04555. The application IA(IBC)/01/CHE/2022 in IBA/480/2020 was filed for the purpose of withdrawing…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lookman-electroplast-industries-ltd-iaibc-01-che-2022-in-iba-480-2020-333a34dc

## Summary

### Background

The application IA(IBC)/01/CHE/2022 in IBA/480/2020 was filed for the purpose of withdrawing the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016, read with Regulation 30A (1) (a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, and Rule 11 of the NCLT Rules, 2016.

## Facts

Ingram Micro India Pvt Ltd initiated CIRP against Lookman Electroplast Industries Ltd. An application was filed to withdraw the CIRP under Section 12A of the IBC, Regulation 30A of the IBBI Regulations, and Rule 11 of the NCLT Rules. The Operational Creditor, Ingram Micro India Pvt Ltd, received full payment, including the IRP's fees. The IRP's counsel confirmed the payment. The key fact is the full settlement of dues, leading to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) can be withdrawn under Section 12A of …

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

…

**Reasoning:** The court reasoned that since the Operational Creditor had been paid in full, and the

…

**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** Ingram Micro…
- **Respondents:** Lookman Electropla…
- **Advocates:** Mayan H…; T.K. Bh…; +1 more

## Timeline

- **2022-01-04 — Hearing…**: Chennai National Company Law Tribunal held a hearing on 04-01-2022 at 10:30 A.M. through…

## 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)

---

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/lookman-electroplast-industries-ltd-iaibc-01-che-2022-in-iba-480-2020-333a34dc