# In the matter of Shakti Sudha Agroventures Pvt. Ltd. IA(I.B.C)-58 & 282(KB)2021 in C.P. (IB)-1690(KB)2018

> NCLT judgment dated 2021-12-03. Citation: TCN-2021-NCLT-00289. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 3 Dec 2021
- **Citation:** TCN-2021-NCLT-00289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shakti-sudha-agroventures-pvt-ltd-iaibc-58-282kb2021-in-cp-ib-1690kb2018-1754ede9

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and under rule 11 of the NCLT Rules, 2016. The petitioning Operational Creditor and the Corporate Debtor have reached a mutual settlement, as evidenced by a Memorandum of Settlement. The RP had published a public announcement, and only the petitioning Operational Creditor submitted a claim. The Operational Creditor, holding 100% voting rights in the Committee of Creditors (CoC), seeks to withdraw the application bearing C.P.(IB)/1690(KB)2018 and has submitted the withdrawal application along with a Demand Draft and

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## Facts

The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The petitioning Operational Creditor and the Corporate Debtor reached a mutual settlement, documented in a Memorandum of Settlement. The Operational Creditor held 100% voting rights in the Committee of Creditors (CoC) and sought to withdraw the CIRP application C.P.(IB)/1690(KB)2018. The IRP confirmed that his fees and costs of Rs.1,50,000/- had been paid, with no outstanding dues. The CIRP had commenced on 31/10/2019. The public announcement was made, and only the petitioning Operational Creditor submitted a claim.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP under Section 12A of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court considered that the Operational Creditor, holding 100% voting rights in the

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**Interpretation:** Section 12A and Regulation 30A are interpreted to facilitate settlements

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**Application:** Since the Operational Creditor with 100% voting rights sought withdrawal, and

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** Guilteree…

## Timeline

- **2021-12-03 — Hearing…**: Hearing held on December…
- **2019-10-31 — Commencement of…**: Insolvency commenced on…

## 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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