# In the matter of Pure Life Science Pvt. Ltd. IA-760-2020 in CP(IB)-2182(MB)-2019

> NCLT judgment dated 2020-12-07. Citation: TCN-2020-NCLT-00139. The case involves IA-760/2020 in CP(IB)-2182(MB)/2019 before the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 7 Dec 2020
- **Citation:** TCN-2020-NCLT-00139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pure-life-science-pvt-ltd-ia-760-2020-in-cpib-2182mb-2019-5e2b03c5

## Summary

### Background

The case involves IA-760/2020 in CP(IB)-2182(MB)/2019 before the National Company Law Tribunal, Mumbai Bench. The Interim Resolution Professional (IRP) confirmed that the Petitioner/Operational Creditor is the sole member of the Committee of Creditors (CoC) and that the Corporate Debtor has settled the Operational Creditor's claim in full through post-dated cheques. The Operational Creditor filed Form FA with 100% voting of the CoC. The IRP's fee has also been paid in full.

## Facts

The Interim Resolution Professional (IRP), Lakshminarayan Krishnamoorthy, confirmed that the Petitioner/Operational Creditor is the only member of the Committee of Creditors (CoC). The Corporate Debtor settled the claim of the Operational Creditor in full through post-dated cheques. The Operational Creditor filed Form FA with 100% voting of the CoC. The IRP's fee has been paid in full. The CIRP was initiated against the Corporate Debtor vide order dated 25.10.2019. The IRP filed IA-760/2020 in CP(IB)-2182(MB)/2019 for withdrawal of CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP filed by the IRP can be allowed, given the …

**Ratio:** The legal principle applied here is based on the provisions of the Insolvency and

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**Reasoning:** The tribunal reasoned that since the Operational Creditor's claim has been settled in

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**Interpretation:** The interpretation of the IBC provisions allows for the withdrawal of CIRP when

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**Application:** In this specific case, the settlement between the Corporate Debtor and the

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## Parties

- **Judges:** RAJESH S…; SUCHITRA KANUPARTH…; +1 more
- **Respondents:** Shubham Pharmachem…

## Timeline

- **2019-10-25 — CIRP Init…**: CIRP initiated against…
- **2020-12-07 — Order for Withdrawal of…**: Tribunal allows 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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