# In the matter of Shri Saikrupa Sugar & Allied Industries Limited I.A. 1990 & 2440 of 2021 in C.P. (IB) 2390-MB-2019

> NCLT judgment dated 2021-12-01. Citation: TCN-2021-NCLT-00314. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 1 Dec 2021
- **Citation:** TCN-2021-NCLT-00314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-saikrupa-sugar-allied-industries-limited-ia-1990-2440-of-2021-in-cp-ib-2390-f9156503

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Shri Saikrupa Sugar & Allied Industries Limited. The CIRP was triggered by an application filed by Ask Energy Solutions Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 03.08.2021. Subsequently, a settlement agreement was reached between the Operational Creditor (Ask Energy Solutions) and the Suspended Directors of the Corporate Debtor. The Interim Resolution Professional (IRP) then filed an application for withdrawal of the CIRP.

## Facts

Ask Energy Solutions Private Limited initiated CIRP against Shri Saikrupa Sugar & Allied Industries Limited under Section 9 of IBC, which was admitted on 03.08.2021. Harshad S Deshpande was appointed as the Interim Resolution Professional (IRP). After the admission order, the IRP made a public announcement on 28.08.2021, inviting claims from creditors, with a deadline of 11.09.2021. On 04.09.2021, a settlement agreement was reached between Ask Energy Solutions and the Suspended Directors of Shri Saikrupa Sugar. Consequently, the IRP filed an application (I.A. 1990 of 2021) seeking withdrawal of the CIRP under Section 12A of the IBC. The CoC was constituted after the filing of the withdrawal application, with the first meeting held on 29.09.2021. Punjab National

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court relied on the Supreme Court's decision in Swiss Ribbons Pvt. Ltd. vs. Union of

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications, but the

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**Application:** In this case, the CoC was constituted after the filing of the withdrawal

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## Parties

- **Judges:** SUCHITRAKAN…; ANURADHA SANJAY…
- **Appellants:** Rajkumar Dh…
- **Respondents:** Saikrupa Sugar &…; ASK Energy…

## Timeline

- **2019-01-01 — C.P. (IB) 2390…**: Filing of Company Petition…
- **2021-08-03 — Admission o…**: CIRP admitted vide…

## 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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