# In the matter of Shivam Condev Private Limited IA (B) 106-CB-2021 And MA (IB) 10-CB-2021 In CP (IB) No.01-CTB-2020

> NCLT judgment dated 2021-11-03. Citation: TCN-2021-NCLT-00592. An application was filed under Section 12A of the IBC, 2016, read with Rule 30A of the IBBI…

- **Court:** NCLT
- **Order date:** 3 Nov 2021
- **Citation:** TCN-2021-NCLT-00592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivam-condev-private-limited-ia-b-106-cb-2021-and-ma-ib-10-cb-2021-in-cp-ib-no0-ac7a1704

## Summary

### Background

An application was filed under Section 12A of the IBC, 2016, read with Rule 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Shivam Condev Private Limited. The CIRP was initiated based on an application by Dharani Geotech Engineers, an operational creditor. An admission order was passed against the corporate debtor, but before it was uploaded, the operational creditor and corporate debtor reached a settlement. Consequently, a withdrawal application was filed.

## Facts

Dharani Geotech Engineers, an operational creditor, initiated CIRP against Shivam Condev Private Limited. An admission order was passed on October 8, 2021. However, before the admission order was uploaded, Dharani Geotech Engineers and Shivam Condev Private Limited entered into a settlement agreement on October 9, 2021. Dharani Geotech Engineers then filed a withdrawal application (M.A. (IB) No. 10/CB/2021) under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016. The outstanding amount was ₹1,42,19,251/-, but the Corporate Debtor agreed to pay ₹80.00 lakhs as a one-time settlement. The Interim Resolution Professional (IRP) also submitted Form-FA for withdrawal. The Committee of

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of IBC can be allowed after the …

**Ratio:** Regulation 30-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The tribunal considered that an amicable settlement had been reached between the parties,

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**Interpretation:** Section 12A of the IBC, read with Regulation 30A, provides a mechanism for

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**Application:** Since the settlement was reached before the CoC was formed and the IRP's dues

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Dharani Geotech…
- **Respondents:** Shivam Condev…
- **Advocates:** Saswat Kumar…

## Timeline

- **2021-10-08 — Admission…**: Tribunal pronounced an order of admission of insolvency against Shivam Condev Private…
- **2021-10-09 — Settlement Ag…**: Operational Creditor and Corporate Debtor…

## 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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