# In the matter of Parinee Developers Private Limited IA No.264 of 2021 In  COMPANY PETITION NO. (IB) 4147-MB-2019

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02073. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parinee-developers-private-limited-ia-no264-of-2021-in-company-petition-no-ib-41-d6cb110d

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for Parinee Developers Private Limited. The application was filed by the Resolution Professional (RP). The Financial Creditor/Original Petitioner is a company registered under the Companies Act, 1956 and 2013. The Corporate Debtor is also a company registered under the Companies Act, 1956 and 2013. The RP was appointed on 2020-06-09. The Committee of Creditors (CoC) was constituted and resolved to appoint the IRP as the RP. The promoters made a settlement proposal on 2020-12-08 outlining a plan for the revival of operations and full payment to lenders. The Tribunal granted an exclusion of 135

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## Facts

STCI Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Parinee Developers Private Limited. The Resolution Professional (RP), Subhash Chandra Modi, filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. The Committee of Creditors (CoC) approved the withdrawal resolution with 99.91% votes. The promoters of the Corporate Debtor proposed a settlement plan. The CoC repeatedly postponed the issue of Expression of Interest (EOI) and Form G. The promoters deposited amounts with STCI Finance Limited, Central Bank of India, Punjab National Bank, and State Bank of India as part of the settlement proposal. The lenders and promoters entered into a Deed of Settlement dated 2021-01-30. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the CIRP under Section 12A of the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

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**Reasoning:** The Adjudicating Authority observed that the CoC had repeatedly postponed the issue of

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP, but it does not grant

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**Application:** In this case, the CoC's repeated postponements without approval from the

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## Parties

- **Judges:** Harihar Prakash…; RavikumarDu…
- **Appellants:** STCI Finance…
- **Respondents:** Parinee Developers…
- **Advocates:** Gopalkri…; Ferzana Behramkamd…; +1 more

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2020-06-09 — Appointment…**: Mr. Subhash Chandra Modi was appointed as the…

## 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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