# In the matter of Terrafirma Superstruct LLP MA 1340-2019 In C.P. (IB)-2334-(MB)-2018

> NCLT judgment dated 2019-05-07. Citation: TCN-2019-NCLT-03419. The case involves MA 1340/2019 filed in C.P. (IB)-2334/(MB)/2018 under Section 12A of the…

- **Court:** NCLT
- **Order date:** 7 May 2019
- **Citation:** TCN-2019-NCLT-03419
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/terrafirma-superstruct-llp-ma-1340-2019-in-cp-ib-2334-mb-2018-cb03fa16

## Summary

### Background

The case involves MA 1340/2019 filed in C.P. (IB)-2334/(MB)/2018 under Section 12A of the Insolvency & Bankruptcy Code, 2016. The petition was filed by Sandeep Steels, the Operational Creditor, against Terrafirma Superstruct LLP, the Corporate Debtor. An earlier petition was admitted, and a moratorium was commenced with the appointment of an Interim Resolution Professional, Mr. Bhaskar Gopal Shetty. Subsequently, Mr. Bhaskar Gopal Shetty, as the Interim Resolution Professional-cum-Applicant, moved an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP).

## Facts

On 18.06.2018, Sandeep Steels filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 against Terrafirma Superstruct LLP. On 31.01.2019, the petition was admitted, and a moratorium was commenced. Mr. Bhaskar Gopal Shetty was appointed as the Interim Resolution Professional. On 08.04.2019, Mr. Shetty moved an application under Section 12A of the Code for withdrawal of the CIRP. On 27.02.2019, the Interim Resolution Professional received a claim from Sandeep Steels for Rs. 5,25,000, which was accepted. On 03.03.2019, a Committee of Creditors was formed, consisting solely of Sandeep Steels. On 06.04.2019, the Committee of Creditors approved the withdrawal application with 100% voting share. The outstanding dues to Sandeep Steels were cleared. The

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** The legal principle applied is that under Section 12A of the Insolvency & Bankruptcy

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**Reasoning:** The court reasoned that the requisite Form FA for withdrawal was submitted by the

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application if certain

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**Application:** In this specific case, the application of the ratio and reasoning to the facts

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Bhaskar Gopal…
- **Respondents:** TERRAFIRMA…
- **Advocates:** Bhaskar Gopal…; Angad S…; +1 more

## Timeline

- **2018-06-18 — Petition…**: Sandeep Steels filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016…
- **2019-01-31 — Petition Ad…**: The petition was admitted, 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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