# In the matter of Madoorie Tea Estate Pvt. Ltd. CA (IB) No. 1127-KB-2018 & 123-KB-2019 In C.P.(IB) No. 412-KB-2018

> NCLT judgment dated 2019-02-20. Citation: TCN-2019-NCLT-04751. The case involves Antarctica Ltd. versus Madoorie Tea Estate Pvt. Ltd. The corporate debtor was…

- **Court:** NCLT
- **Order date:** 20 Feb 2019
- **Citation:** TCN-2019-NCLT-04751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/madoorie-tea-estate-pvt-ltd-ca-ib-no-1127-kb-2018-123-kb-2019-in-cpib-no-412-kb-94a276c6

## Summary

### Background

The case involves Antarctica Ltd. versus Madoorie Tea Estate Pvt. Ltd. The corporate debtor was admitted into CIRP, after which the parties entered into a settlement. CA(IB) No. 1127/KB/2018 was filed by the corporate debtor for withdrawal of the application under section 12A of the I&B Code. Subsequently, CA(IB) No. 123/KB/2019 was filed by the Operational Creditor for withdrawal of the application.

## Facts

Antarctica Ltd. initiated CIRP against Madoorie Tea Estate Pvt. Ltd. After the admission of the corporate debtor into CIRP, the parties reached a settlement. The corporate debtor filed CA(IB) No. 1127/KB/2018 for withdrawal of the application under section 12A of the I&B Code. The operational creditor then filed CA(IB) No. 123/KB/2019 for withdrawal of the application. The Committee of Creditors (CoC) had not been formed, and the Expression of Interest (EoI) had not been published. The court disposed of the applications and directed the corporate debtor to pay the IRP fees within two weeks.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP can be allowed based on the settlement between the …

**Ratio:** The court has the discretion to allow the withdrawal of a CIRP application if the parties

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**Reasoning:** The court noted that the matter appeared to have been settled, the CoC had not been

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**Interpretation:** This indicates that the court prioritizes settlements between parties in CIRP,

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**Application:** In this case, since the parties had settled, the CoC was not formed, and the

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## Parties

- **Judges:** Madan B.…
- **Appellants:** Antarctic…
- **Respondents:** Madoorie Tea…

## Timeline

- **2019-02-20 — Hearing…**: Hearing held on February…
- **N/A — Filing of CA(IB) No.…**: Corporate debtor filed CA(IB) No. 1127/KB/2018 for withdrawal of application under…

## 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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