# 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-00673. The case involves an application (I.A. No. 576 of 2019) filed in C.P. (IB) No. 278/BB/2019 by…

- **Court:** NCLT
- **Order date:** 7 Nov 2019
- **Citation:** TCN-2019-NCLT-00673
- **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-b0b24c4b

## Summary

### Background

The case involves an application (I.A. No. 576 of 2019) filed in C.P. (IB) No. 278/BB/2019 by Shri Srinivas Thatikonda, the Interim Resolution Professional (IRP), seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. M.N.S. Printers Private Limited. The CIRP was originally initiated based on a petition filed by M/s. Manipal Media Network Limited, an Operational Creditor, under Section 9 of the IBC, 2016, due to a default of Rs. 28,54,801.38. The Adjudicating Authority admitted the case on 25.10.2019 and appointed Shri Srinivas Thatikonda as the IRP. Following the public announcement, both parties reached a settlement.

## Facts

M/s. Manipal Media Network Limited, an Operational Creditor, filed C.P. (IB) No. 278/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate CIRP 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 IRP. The IRP made a public announcement on 02.11.2019, calling upon creditors to submit their claims by 13.11.2019. Subsequently, both parties settled the matter. The Corporate Debtor handed over a Demand Draft of Rs. 35,00,000/- dated 02.11.2019 to the Operational Creditor, which the Operational Creditor acknowledged as full and final settlement. The Committee of Creditors had not yet been

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of the CIRP application under Section …

**Ratio:** Section 12A of the IBC, 2016, allows the Adjudicating Authority to permit the withdrawal

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement and the Committee

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**Interpretation:** Section 12A and Regulation 30A are interpreted to provide a mechanism for

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**Application:** In this case, the parties settled the matter, and the Corporate Debtor paid the

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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…**: 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)

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