# In the matter of Ninetynine Breweries Private Limited IA No. 1225-2020 in CP (IB) No. 503-9-HDB-2018

> NCLT judgment dated 2020-12-23. Citation: TCN-2020-NCLT-00026. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Dec 2020
- **Citation:** TCN-2020-NCLT-00026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ninetynine-breweries-private-limited-ia-no-1225-2020-in-cp-ib-no-503-9-hdb-2018-c58bacaa

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, read with Regulation 30A of the I&B Code (Corporate Insolvency Resolution Process (CIRP) Regulations, 2016, seeking permission to withdraw the Company Petition CP(IB)No.503/9/HDB/2018. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Ninetynine Breweries Private Limited based on a petition filed under Section 9 of the IBC by the Operational Creditor, M/s. W Boutique Properties LLP. The Tribunal admitted the petition on 12.09.2019. The IRP initiated necessary steps, including public announcement and constitution of the Committee of Creditors (COC). However, both parties

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## Facts

M/s. Ninetynine Breweries Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. W Boutique Properties LLP, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 12.09.2019. Ganapati Ram Appana was appointed as the Interim Resolution Professional (IRP). The IRP took steps to constitute the Committee of Creditors (COC). However, both parties approached NCLAT without informing the IRP, misrepresenting that the COC was not constituted. NCLAT initially stayed the CIRP proceedings but later dismissed the petition. Subsequently, the parties settled their dues, leading to the IRP filing an application under Section 12A of the IBC to withdraw the CIRP. A settlement agreement was

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## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** Section 12A of the I&B Code, read with Regulation 30A of the IBBI (Insolvency

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**Reasoning:** The Tribunal reasoned that it has the power under Section 12A of the I&B Code, read

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the parties settled their dues, and the IRP filed an application

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## Parties

- **Judges:** Shri. K. Anantha…; Veera Brahma Rao…
- **Respondents:** M/s. Ninetynine…

## Timeline

- **2018-01-01 — Company Petiti…**: CP(IB)No.503/9/HDB/2018…
- **2019-09-12 — Petition Ad…**: Tribunal admitted the petition filed under Section 9 of IBC, initiating CIRP, granting…

## 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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