# In the matter of Muralikrishna Infracon (Bangalore) Private Limited I.A. No. 469-2019 in C.P. (IB)No. 96-BB-2019

> NCLT judgment dated 2019-09-19. Citation: TCN-2019-NCLT-01387. The case involves an application (I.A. No.469/2019) filed in C.P.(IB)No.96/BB/2019 by Shri…

- **Court:** NCLT
- **Order date:** 19 Sept 2019
- **Citation:** TCN-2019-NCLT-01387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/muralikrishna-infracon-bangalore-private-limited-ia-no-469-2019-in-cp-ibno-96-bb-9d9da294

## Summary

### Background

The case involves an application (I.A. No.469/2019) filed in C.P.(IB)No.96/BB/2019 by Shri Chandrasekhar Sagutoor, the Interim Resolution Professional (IRP), seeking permission to withdraw the main Company Petition. The original petition (C.P.(IB)No.96/BB/2019) was filed by M/s. Charan Logistics (Operational Creditor) under Section 9 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Muralikrishna Infracon (Bangalore) Private Limited (Corporate Debtor) due to a default of Rs.8,33,216/-. The Adjudicating Authority had admitted the case on 09.08.2019, initiating CIRP and appointing Shri Chandrasekhar Sagutoor as the IRP. Public announcements were made, and claims were received from the Operational Creditor and Bank of Baroda. A

…

## Facts

M/s. Charan Logistics, an operational creditor, filed C.P.(IB)No.96/BB/2019 under Section 9 of the IBC, 2016, to initiate CIRP against M/s. Muralikrishna Infracon (Bangalore) Private Limited, the corporate debtor, due to a default of Rs.8,33,216/-. The Adjudicating Authority admitted the case on 09.08.2019, initiating CIRP and appointing Shri Chandrasekhar Sagutoor as the IRP. Public announcements were made, and claims were received from the Operational Creditor and Bank of Baroda, the sole financial creditor. A settlement was reached between the Corporate Debtor, represented by Mr. Muralikrishna Medi Raju, and the Operational Creditor, represented by Mr. Yadagiri Thummalapalli, for Rs.8,00,000/-. The Committee of Creditors (CoC) was formed with Bank of Baroda as the

…

## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A (1) (b) of the IBBI (Insolvency

…

**Reasoning:** The Adjudicating Authority considered the settlement reached between the Corporate Debtor

…

**Interpretation:** Section 12A of the IBC provides a mechanism for withdrawing a CIRP application,

…

**Application:** In this case, a settlement was reached between the Corporate Debtor and the

…

## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Charan…
- **Respondents:** M/s. Muralikrishna…

## Timeline

- **2019-08-09 — CIRP Init…**: Adjudicating Authority admitted the case and…
- **2019-08-23 — Public Annou…**: Interim Resolution Professional made…

## 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/muralikrishna-infracon-bangalore-private-limited-ia-no-469-2019-in-cp-ibno-96-bb-9d9da294