# In the matter of Ninaniya Estates Ltd. IA No. 07-JPR-2021 in CP-IB No. 86-7-JPR-2018

> NCLT judgment dated 2021-01-08. Citation: TCN-2021-NCLT-03350. The case involves an application filed by the Interim Resolution Professional (IRP) of Ninaniya…

- **Court:** NCLT
- **Order date:** 8 Jan 2021
- **Citation:** TCN-2021-NCLT-03350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ninaniya-estates-ltd-ia-no-07-jpr-2021-in-cp-ib-no-86-7-jpr-2018-1391d21a

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of Ninaniya Estates Ltd., the Corporate Debtor, under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the Corporate Insolvency Resolution Process (CIRP) Regulations, 2016, seeking withdrawal of the application/petition which was admitted on 24.12.2020. The CIRP proceedings were initiated against the Corporate Debtor on 24.12.2020, based on CP No. (IB)- 86/7/JPR/2018. Before the constitution of the Committee of Creditors (CoC), the Corporate Debtor settled the matter with the Financial Creditor, who is the petitioner in the CP.

## Facts

Gagan Deep Singh Dugal, the Financial Creditor/Applicant, initiated CIRP against Ninaniya Estates Ltd., the Corporate Debtor, under Section 7 of the IBC, 2016. The CIRP proceedings were commenced on 24.12.2020, based on CP No. (IB)- 86/7/JPR/2018. Before the constitution of the CoC, the Corporate Debtor and the Financial Creditor reached a settlement, documented in a memorandum of understanding dated 01.01.2021. The Corporate Debtor then filed an application (IA No. 07/JPR/2021) under Section 12A of the IBC read with Regulation 30A of the CIRP Regulations, 2016, seeking withdrawal of the CIRP. The amounts due to the IRP and the CIRP costs were directly paid. The key fact is the settlement between the parties before the CoC formation, leading to the withdrawal

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC read with …

**Ratio:** Section 12A of the IBC and Regulation 30A of the CIRP Regulations allow for the

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**Reasoning:** The court considered the settlement reached between the Financial Creditor and the

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

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**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** GAGAN DEEP SINGH…
- **Respondents:** Ninaniya Estates…
- **Advocates:** Susshil…; Shivangshu…; +1 more

## Timeline

- **2018-01-01 — CP Filed…**: CP No. (IB)- 86/7/JPR/2018 filed…
- **2020-12-24 — CIRP Comm…**: CIRP proceedings commenced…

## 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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