# In the matter of Pinter FA.NI Asia Pvt.  Ltd. MA-610-2019 in CP-345-IB-2018

> NCLT judgment dated 2019-07-05. Citation: TCN-2019-NCLT-02667. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 5 Jul 2019
- **Citation:** TCN-2019-NCLT-02667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pinter-fani-asia-pvt-ltd-ma-610-2019-in-cp-345-ib-2018-9c86d9ca

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, M/s. Pinter Fa.Ni Asia Pvt. Ltd., by the Applicant, T4 Texultants Pvt. Ltd. The Resolution Professional (RP) is present and holds the Power of Attorney to represent the Applicant. The Applicant has filed an affidavit stating that all dues of the Operational Creditors, including those of the Applicant, have been settled as of 2019-07-03. The Committee of Creditors (CoC) passed a resolution in its meeting held on 2019-05-25, agreeing to withdraw the CP/345/2018 as per the provisions of Section 12-A of the Insolvency and Bankruptcy Code (IBC), 2016. The necessary application for withdrawal of CIRP in Form FA has also been submitted.

## Facts

T4 Texultants Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Pinter Fa.Ni Asia Pvt. Ltd. The CIRP was initiated vide order dated 2019-04-26. T4 Texultants Pvt. Ltd. (the Applicant) and Pinter Fa.Ni Asia Pvt. Ltd. (the Corporate Debtor) reached a settlement. All dues of the Operational Creditors, including those of T4 Texultants Pvt. Ltd., were settled as of 2019-07-03. The Committee of Creditors (CoC) passed a resolution on 2019-05-25 with 95.47% voting share, approving the withdrawal of the CIRP as per Section 12-A of the IBC, 2016. The Applicant submitted Form FA for withdrawal of CIRP. The Resolution Professional (RP) represented the Applicant and confirmed the settlement. The key fact is the settlement between the parties and the CoC's

…

## Issues and analysis

### Issue 1: Whether the settlement of dues between the Applicant and the Corporate Debtor, along with the …

**Ratio:** Section 12-A of the IBC, 2016, allows for the withdrawal of CIRP if the Adjudicating

…

**Reasoning:** The court reasoned that the affidavit filed by the Applicant, stating that all dues have

…

**Interpretation:** Section 12-A is interpreted to mean that if a settlement is reached and the CoC

…

**Application:** In this case, the Applicant and the Corporate Debtor reached a settlement, and

…

## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** T4 Texultants…
- **Respondents:** PINTER FA NI ASIA…

## Timeline

- **2018-01-01 — CP/345/2018…**: CP/345/2018 petition…
- **2019-04-26 — CIRP Init…**: CIRP initiated against the Corporate…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/pinter-fani-asia-pvt-ltd-ma-610-2019-in-cp-345-ib-2018-9c86d9ca