# In the matter of M.N.S Printers Pvt. Ltd. I.A. No. 576-2019 in C.P. (IB) No. 278-BB-2019

> NCLT judgment dated 2019-11-07. Citation: TCN-2019-NCLT-00686. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Manipal…

- **Court:** NCLT
- **Order date:** 7 Nov 2019
- **Citation:** TCN-2019-NCLT-00686
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mns-printers-pvt-ltd-ia-no-576-2019-in-cp-ib-no-278-bb-2019-588926b5

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Manipal Media Network Ltd. against M/s. M.N.S. Printers Private Limited due to a default of Rs.28,54,801.38 since 15.10.2018. The Adjudicating Authority admitted the case on 25.10.2019, initiating CIRP and appointing Shri Srinivas Thatikonda as the Interim Resolution Professional (IRP). The IRP made a public announcement on 02.11.2019, inviting creditors to submit their claims by 13.11.2019. Subsequently, both parties settled the matter amicably.

## Facts

M/s. Manipal Media Network Ltd. (Operational Creditor) initiated CIRP against M/s. M.N.S. Printers Private Limited (Corporate Debtor) due to a default of Rs.28,54,801.38 since 15.10.2018. The Adjudicating Authority admitted the case on 25.10.2019 and appointed Shri Srinivas Thatikonda as the IRP. The IRP made a public announcement on 02.11.2019, setting a deadline of 13.11.2019 for creditors to submit claims. A Joint Memo of Settlement dated 06.11.2019 was filed, indicating that the Corporate Debtor handed over a Demand Draft of Rs.35,00,000 to the Operational Creditor, which the Operational Creditor acknowledged as full and final settlement. The Committee of Creditors had not been constituted. The IRP's fees and expenses were paid. The IRP filed an application under

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of the Corporate Insolvency Resolution …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the CIRP Regulations, allows

…

**Reasoning:** The court reasoned that the parties had reached a settlement, as evidenced by the Joint

…

**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

…

**Application:** In this case, the court applied Section 12A and Regulation 30A to the specific

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Srinivas Thatikond…
- **Respondents:** M/s. M.N.S.…; M/s. M.N.S.…

## Timeline

- **2018-10-15 — Default…**: M/s. M.N.S. Printers Private Limited defaulted on a payment of Rs.28,54,801.38 to M/s.…
- **2019-10-25 — CIRP Init…**: The Adjudicating Authority admitted the case and initiated CIRP, appointing Shri Srinivas…

## 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/mns-printers-pvt-ltd-ia-no-576-2019-in-cp-ib-no-278-bb-2019-588926b5