# In the matter of Suryadeep Salt Refinery and Chemicals Works Ltd. IA-224(AHM)-2021 in CP(IB)  347 of 2019

> NCLT judgment dated 2021-04-05. Citation: TCN-2021-NCLT-02486. IA No. 224 of 2021 was filed under Section 12A of the IBC, 2016, seeking to set aside the order…

- **Court:** NCLT
- **Order date:** 5 Apr 2021
- **Citation:** TCN-2021-NCLT-02486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryadeep-salt-refinery-and-chemicals-works-ltd-ia-224ahm-2021-in-cpib-347-of-20-11d81d75

## Summary

### Background

IA No. 224 of 2021 was filed under Section 12A of the IBC, 2016, seeking to set aside the order of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a decision by the Committee of Creditors (CoC), which comprised a sole operational creditor who filed the application through the Resolution Professional (RP).

## Facts

IA No. 224 of 2021 was filed under Section 12A of the IBC, 2016, seeking to set aside the order initiating the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a decision by the Committee of Creditors (CoC), which comprised a sole operational creditor. The Resolution Professional (RP) was involved in the process. The resolution was brought on record. The fees and expenses of the RP were paid. The court allowed the application and released the Corporate Debtor from the CIRP. The RP was directed to handover all documents/records of the Corporate Debtor to the Management of Corporate Debtor. Main CP(IB) 347 of 2018 was also disposed of and removed from the cause list.

## Issues and analysis

### Issue 1: Whether the application to set aside the Corporate Insolvency Resolution Process (CIRP) order …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the resolution brought on record and the circumstances surrounding

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications, recognizing

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**Application:** In this case, the court applied the principle of Section 12A by considering the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Suryadeep Salt…; Amit La…
- **Advocates:** Vinay Bai…; Amit La…

## Timeline

- **2021-04-05 — Order Da…**: Order passed by the National Company Law Tribunal (NCLT) allowing IA No. 224 of 2021 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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