# In the matter of New Kolkata International Development Pvt. Ltd. IA-572 & 573(KB)2021 in C.P. (IB)-668(KB)2019

> NCLT judgment dated 2021-07-09. Citation: TCN-2021-NCLT-01802. The case involves an application for the withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 9 Jul 2021
- **Citation:** TCN-2021-NCLT-01802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-kolkata-international-development-pvt-ltd-ia-572-573kb2021-in-cp-ib-668kb201-bcc625ed

## Summary

### Background

The case involves an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against New Kolkata International Development Pvt. Ltd. The CIRP was initiated on March 16, 2020, following which public advertisements were issued. A settlement was reached between the promoters of the Corporate Debtor and the legal heirs of the deceased Operational Creditor. However, the settlement agreement could not be finalized due to the COVID-19 pandemic and subsequent lockdown.

## Facts

The CIRP was initiated against New Kolkata International Development Pvt. Ltd. on March 16, 2020. Public advertisements were issued on March 19, 2020, setting March 30, 2020, as the last date for filing claims. No claims were received by the Interim Resolution Professional (IRP). The Petitioning Operational Creditor passed away on April 11, 2020. The promoters of the Corporate Debtor reached a settlement with the legal heirs of the deceased Operational Creditor before the lockdown. A settlement agreement was formally drawn up and sent via email on June 22, 2021. No objections were raised by other creditors regarding the closure of the CIRP. The application IA/573(KB)2021 was filed under Section 12(a) of the CIRP Rules for withdrawal of the CIRP. The relevance of these

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12(a) of the CIRP Rules should be …

**Ratio:** The legal principle applied is that CIRP can be withdrawn if a settlement is reached

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**Reasoning:** The court reasoned that since the promoters of the Corporate Debtor had reached a

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**Interpretation:** Section 12(a) of the CIRP Rules allows for the withdrawal of CIRP under certain

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**Application:** In this specific case, the court applied the ratio and reasoning to the facts

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** NEW KOLKATA…; PRASUN SE…

## Timeline

- **2020-03-16 — CIRP Init…**: CIRP initiated against…
- **2020-03-19 — Public Advert…**: Public advertisements…

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