# In the matter of Shivam Parivar Developers Private Limited MA 4102-2019 in C.P.(IB) 702-(MB)-2019

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02404. The case involves an application (MA 4102/2019) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivam-parivar-developers-private-limited-ma-4102-2019-in-cpib-702-mb-2019-146ceb6c

## Summary

### Background

The case involves an application (MA 4102/2019) filed by the Interim Resolution Professional (IRP), Mr. Paras KhimjiSavlaunder, under section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, for the withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated against ShivamParivar Developers Private Limited (Corporate Debtor). The CIRP was initiated by an order of the Mumbai Bench of the National Company Law Tribunal (NCLT) dated 13.12.2019. The Financial Creditor and Corporate Debtor entered into Consent Terms dated 19.12.2019, and the Financial Creditor agreed to withdraw the Company Petition.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against ShivamParivar Developers Private Limited by an order dated 13.12.2019. The Financial Creditor and the Corporate Debtor entered into Consent Terms on 19.12.2019. The Financial Creditor agreed to withdraw the Company Petition. The Interim Resolution Professional (IRP) filed an application (MA 4102/2019) under section 12A of the IBC for withdrawal of the CIRP. The application was filed before the formation of the Committee of Creditors (CoC). Public announcement was made on 16.12.2019 regarding the admission order. Form FA was received from the Financial Creditor on 19.12.2019. The Corporate Debtor is required to pay costs of ₹1,00,000 to the Prime Minister's National Relief Fund by 20.01.2020.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application with the approval

…

**Reasoning:** The court reasoned that since the application for withdrawal was filed before the

…

**Interpretation:** Section 12A of the IBC is interpreted to allow for flexibility in the

…

**Application:** In this case, the ratio and reasoning were applied to the specific facts, where

…

## Parties

- **Judges:** RAJESH S…; Bhaskara Pantula…
- **Appellants:** Nipun Th…
- **Respondents:** ShivamParivar…; SHIVAM PARIVAR…

## Timeline

- **2019-12-13 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against ShivamParivar…
- **2019-12-16 — Public Annou…**: Public announcement made about 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)

---

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/shivam-parivar-developers-private-limited-ma-4102-2019-in-cpib-702-mb-2019-146ceb6c