# In the matter of Sri Kumaran Steels India Pvt. Ltd. MA-1047-2019 in CP-1165-IB-2018

> NCLT judgment dated 2019-10-10. Citation: TCN-2019-NCLT-01058. The application was filed by the Interim Resolution Professional (IRP) seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 10 Oct 2019
- **Citation:** TCN-2019-NCLT-01058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-kumaran-steels-india-pvt-ltd-ma-1047-2019-in-cp-1165-ib-2018-f91e2e32

## Summary

### Background

The application was filed by the Interim Resolution Professional (IRP) seeking withdrawal of the petition due to a settlement between the Operational Creditor and the Corporate Debtor under Section 12A of the I&B Code, 2016. The IRP confirmed compliance with the provisions of the I&B Code, 2016, including paper publications to invite claims from creditors. No claims were received following the publication.

## Facts

Shri S Sivakumar (Sri Kumaran Steels India Pvt Ltd) filed a petition CP/1165/(IB)/2018. The Interim Resolution Professional (IRP) filed an application MA/1047/2019 seeking withdrawal of the petition due to a settlement between the Operational Creditor and the Corporate Debtor. The settlement was reached under Section 12A of the I&B Code, 2016. The IRP initiated the CIRP and complied with the provisions of the I&B Code, 2016, by publishing notices to invite claims from creditors. The publication was effected in 'Indian Express' (English) and 'Dina Mani' (vernacular) on 2019-09-19, with a last date for claim receipt of 2019-10-03. No claims were received from any creditors of the Corporate Debtor following the publication. The CIRP cost, including the IRP's fees,

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition should be allowed based on the settlement …

**Ratio:** Section 12A of the I&B Code, 2016, allows for the withdrawal of a CIRP application if

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**Reasoning:** The tribunal considered the provisions of Section 12A of the I&B Code, 2016, which

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**Interpretation:** Section 12A provides a mechanism for parties to resolve disputes outside the

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**Application:** Since a settlement was reached between the Operational Creditor and the

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## Parties

- **Judges:** SHRIR VARAD…; SHRI. ANIL…
- **Appellants:** S SIVAK…
- **Respondents:** KUMARAN STEELS…

## Timeline

- **2018-01-01 — Petition…**: CP/1165/(IB)/2018 filed by Shri S…
- **2019-09-19 — Publication o…**: Publication of notice in 'Indian Express' and…

## 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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