# In the matter of Nobile Ice Cream Company Pvt. Ltd. IA (IB) No. 1038-KB-2020 in CP (IB) No. 738-KB-2019

> NCLT judgment dated 2020-11-27. Citation: TCN-2020-NCLT-00198. The case involves an application (IA(IB) No. 1038/KB/2020) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 27 Nov 2020
- **Citation:** TCN-2020-NCLT-00198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nobile-ice-cream-company-pvt-ltd-ia-ib-no-1038-kb-2020-in-cp-ib-no-738-kb-2019-6a84c1b8

## Summary

### Background

The case involves an application (IA(IB) No. 1038/KB/2020) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking leave for closure and withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Nobile Ice Cream Co. Pvt. Ltd. The CIRP was commenced on 21/02/2020. The IRP, Mr. Sandip Kumar Kejriwal, was appointed, and a public announcement was issued on 28/02/2020. Despite the announcement, no claims were received. A settlement was reached between one of the suspended members of the Corporate Debtor and the petitioning creditor on 17/03/2020.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nobile Ice Cream Co. Pvt. Ltd. on 21/02/2020. Mr. Sandip Kumar Kejriwal was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 28/02/2020, but no claims were received from creditors. On 17/03/2020, one of the suspended members of the Corporate Debtor reached a settlement with the petitioning creditor. The IRP's fees of Rs.50,000/- were paid in full. The IRP then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking leave for closure and withdrawal of the CIRP. The key fact is the settlement between the parties and the absence of any claims from creditors, which formed the basis for the court's decision to allow the

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## Issues and analysis

### Issue 1: Whether the application for closure and withdrawal of the CIRP under Section 12A of the Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that since no claims were received from any quarters and the IRP's

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**Interpretation:** Section 12A is interpreted to allow for the withdrawal of CIRP proceedings when

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**Application:** In this case, the IRP filed the application under Section 12A, and the court

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Aurora Carton…
- **Respondents:** Nobile Ice Cream…

## Timeline

- **2020-02-21 — CIRP Commen…**: CIRP commenced against…
- **2020-02-28 — Public Annou…**: Public announcement…

## 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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