# 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-00682. 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-00682
- **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-2019-5b92922f

## 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. The Adjudicating Authority admitted the case on 2019-10-25, initiating CIRP and appointing Shri Srinivas Thatikonda as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. 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, outstanding since 2018-10-15. The Adjudicating Authority admitted the case on 2019-10-25 and appointed Shri Srinivas Thatikonda as the IRP. The IRP made a public announcement on 2019-11-02, inviting creditors to submit their claims by 2019-11-13. Subsequently, the parties reached a settlement, and the Corporate Debtor handed over a Demand Draft of Rs.35,00,000 to the Operational Creditor on 2019-11-02. The IRP then filed an application (I.A. No.576 of 2019) under Section 12A of the IBC to withdraw the CIRP. The Committee of Creditors had not yet been constituted. The IRP's fees and expenses were paid.

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## 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, allows the Adjudicating Authority to permit the withdrawal

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**Reasoning:** The Adjudicating Authority considered the settlement between the parties, the fact that

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

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**Application:** In this case, the parties settled the matter, the Committee of Creditors was

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## 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…**: Date from which the default of…
- **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 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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