# In the matter of Tirupati Basmati Exports Pvt. Ltd. IA Nos. 321 & 322-2020 In CP (IB) No. 371-Chd-Chd-2018

> NCLT judgment dated 2020-08-26. Citation: TCN-2020-NCLT-00783. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 26 Aug 2020
- **Citation:** TCN-2020-NCLT-00783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tirupati-basmati-exports-pvt-ltd-ia-nos-321-322-2020-in-cp-ib-no-371-chd-chd-201-4d3ceaa9

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Tirupati Basmati Exports Pvt. Ltd. The CIRP was initiated based on CP (IB) No. 371/Chd/Chd/2018, which was admitted on 2019-09-27. The Committee of Creditors (COC) agreed to a settlement proposal from the corporate debtor during the CIRP process. Consequently, the COC unanimously resolved to withdraw the CP and filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC). IA No. 321/2020 was filed seeking urgent hearing of IA No. 322/2020, which was the application for withdrawal.

## Facts

State Bank of India initiated CIRP against Tirupati Basmati Exports Pvt. Ltd. under CP (IB) No. 371/Chd/Chd/2018, which was admitted on 2019-09-27. During the CIRP, the COC members agreed to a settlement proposal given by the corporate debtor. In a meeting held on 2020-07-27, the COC unanimously resolved to withdraw the CP and file an application under Section 12A of the Insolvency and Bankruptcy Code. The Resolution Professional (RP) of Tirupati Basmati Exports Pvt. Ltd. filed IA No. 322/2020 seeking withdrawal of the CP (IB) No. 371/Chd/Chd/2018. IA No. 321/2020 was filed seeking urgent hearing of IA No. 322/2020. The Form FA and the minutes of the COC meeting were filed at Page 38 and Page 47 of the CA, respectively.

## Issues and analysis

### Issue 1: Whether IA No. 321/2020 should be allowed …

**Ratio:** The court has the discretion to allow applications for urgent hearings based on the

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**Reasoning:** The court considered the applicant's request

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**Interpretation:** This issue involves the court's procedural discretion to expedite matters based

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**Application:** The court allowed IA No. 321/2020, indicating that the circumstances warranted

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## Parties

- **Judges:** RAGHU N…; Ajay Kumar…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Tirupati Basmati…

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No. 371/Chd/Chd/…
- **2019-09-27 — CP (IB) Ad…**: CP (IB) No. 371/Chd/Chd/…

## 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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