# In the matter of Shri Gumandev Processors Pvt. Ltd. IA 473-2019 in C.P. (I.B) No. 481-NCLT-AHM-2019

> NCLT judgment dated 2019-09-13. Citation: TCN-2019-NCLT-01473. IA 473 of 2019 was filed in CP (IB) No.481/NCLT/AHM/2018. The Operational Creditor filed the…

- **Court:** NCLT
- **Order date:** 13 Sept 2019
- **Citation:** TCN-2019-NCLT-01473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-gumandev-processors-pvt-ltd-ia-473-2019-in-cp-ib-no-481-nclt-ahm-2019-1b18a7dd

## Summary

### Background

IA 473 of 2019 was filed in CP (IB) No.481/NCLT/AHM/2018. The Operational Creditor filed the application for recalling the Corporate Insolvency Resolution Process (CIRP) in the present IB Petition. The application also sought withdrawal of the admission order dated 02.07.2019, which commenced from the date of admission of the present IB Petition. The application sought to restore the management of respondent no.2 company to its original position, as it was immediately prior to admission of the present IB Petition and declaration of the moratorium.

## Facts

Venus Traders filed an application (IA 473 of 2019) in CP (IB) No.481/NCLT/AHM/2018 seeking to recall the Corporate Insolvency Resolution Process (CIRP) that had been initiated against Shree Gumandev Processors Pvt Ltd. The CIRP had commenced following an admission order dated 02.07.2019. The application was filed under Section 12A of the Insolvency and Bankruptcy Code, based on a settlement proposal between the applicant (Operational Creditor) and the Corporate Debtor. The Committee of Creditors (CoC) approved the settlement with a 98.99% majority vote in its 4th meeting held on 11.09.2019. The Resolution Professional (RP) reported that there were no financial creditors in the CoC. The applicant sought to restore the management of the Corporate Debtor to its original

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## Issues and analysis

### Issue 1: Whether the present application under Section 12A of the Insolvency and Bankruptcy Code can be …

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

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**Reasoning:** The court considered the settlement proposal between the Operational Creditor and the

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the Operational Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Venus Tr…
- **Respondents:** Shree Gumandev…; Kailash…

## Timeline

- **2018-01-01 — CP (IB) No. 48…**: Main company petition…
- **2019-07-02 — Admission…**: Admission order passed, commencing 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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