# In the matter of Oasis Marine Pvt. Ltd. IA-300(AHM))-2021 in CP(IB) 840 of 2019

> NCLT judgment dated 2021-04-21. Citation: TCN-2021-NCLT-02323. The case pertains to CP(IB) 840 of 2019, filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Apr 2021
- **Citation:** TCN-2021-NCLT-02323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oasis-marine-pvt-ltd-ia-300ahm-2021-in-cpib-840-of-2019-0c8b8f5c

## Summary

### Background

The case pertains to CP(IB) 840 of 2019, filed under Section 12A of the Insolvency and Bankruptcy Code 2016. An application was filed for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The IRP informed the court that the Committee of Creditors (COC) has been constituted, but it consists of only one member, the Operational Creditor. There are no Financial Creditors involved. The Operational Creditor and the Corporate Debtor have reached a settlement, and the Corporate Debtor has paid the total amount due to the Operational Creditor.

## Facts

Abis Exports(India) Pvt Ltd was facing a Corporate Insolvency Resolution Process (CIRP) initiated through CP(IB) 840/2019. Saaurabh Jhaveri was the IRP of Oasis Marien Pvt Ltd. The application for CIRP was filed under Section 12A of the Insolvency and Bankruptcy Code 2016. The Operational Creditor and the Corporate Debtor reached a settlement, with the Corporate Debtor paying the total amount due to the Operational Creditor. The Committee of Creditors (COC) consisted of only one member, the Operational Creditor. The IRP submitted that the Operational Creditor had cleared his dues. The order of admission was passed on 2021-02-15.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP(IB) 840/2019 under Section 12A of the Insolvency and …

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

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**Reasoning:** The court considered the submission of the IRP that the Operational Creditor and the

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**Interpretation:** Section 12A is interpreted to facilitate settlements between the parties,

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**Application:** In this case, the settlement between the Operational Creditor and the Corporate

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Pratik Acharya,…
- **Respondents:** Abis Exports(India…; Saaurabh Jhaveri…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) 840/2019 was…
- **2021-02-15 — Order of Ad…**: Order of admission passed admitting the CP(IB) 840/2019 filed under Section 9 of the IB…

## 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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