# In the matter of Supreme Infrastructure India Limited MA 3357, 4086 & 3258-2019 in C.P. (IB) 4752-(MB)-2018

> NCLT judgment dated 2019-12-30. Citation: TCN-2019-NCLT-00012. The case involves applications (MA 3357/2019 and MA 4086/2019) seeking the withdrawal of the…

- **Court:** NCLT
- **Order date:** 30 Dec 2019
- **Citation:** TCN-2019-NCLT-00012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supreme-infrastructure-india-limited-ma-3357-4086-3258-2019-in-cp-ib-4752-mb-201-28b527d4

## Summary

### Background

The case involves applications (MA 3357/2019 and MA 4086/2019) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Supreme Infrastructure India Limited, the Corporate Debtor. The CIRP was initiated based on a petition filed by Vikas Shuttering Store Private Limited, the Operational Creditor. MA 4086/2019 was filed by Bhavani Shankar Sharma, the suspended Director of the Corporate Debtor, seeking withdrawal of the CIRP based on a settlement with the Operational Creditor. MA 3357/2019 was filed by the Interim Resolution Professional (IRP), Prashant Jain, also seeking withdrawal of the CIRP due to the settlement. The NCLAT and Supreme Court have also addressed the matter, with the Supreme Court clarifying that the settlement is

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## Facts

Vikas Shuttering Store Private Limited initiated CIRP against Supreme Infrastructure India Limited under Section 12A of the IBC, 2016. The CIRP was admitted on 2018. Bhavani Shankar Sharma, the suspended Director of the Corporate Debtor, filed MA 4086/2019 seeking withdrawal of the CIRP based on a settlement with the Operational Creditor. Prashant Jain, the IRP, filed MA 3357/2019 also seeking withdrawal of the CIRP due to the settlement. The NCLAT directed the parties to move before the Adjudicating Authority for withdrawal. The Supreme Court clarified that the settlement is not binding on the appellant if they are unwilling to comply. The Committee of Creditors (CoC) was constituted on 22.10.2019. An Inter-Creditor Agreement (ICA) was entered into by the lenders'

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## Issues and analysis

### Issue 1: Whether the present MAs, i.e. MA No. 4086/2019 and MA No. 3357/2019 should be allowed whereby CIRP …

**Ratio:** The doctrine of relation back, as explained by the Supreme Court in Prithi Pal Singh

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**Reasoning:** The Adjudicating Authority reasoned that the settlement was reached before the CoC was

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**Interpretation:** The legal issue revolves around the interpretation of IBBI regulations

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**Application:** The ratio and reasoning are applied to the specific facts by considering the

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** Bhavani Shankar…
- **Respondents:** Supreme Infrastruc…

## Timeline

- **2018-01-01 — CIRP Init…**: CIRP initiated against Supreme Infrastructure India Limited based on a petition filed by…
- **2019-06-07 — RBI Circ…**: RBI issued Prudential Framework for…

## 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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