# In the matter of Unibera Developers Private Limited New IA No. 5521-2021 in IB No. 868(ND)2018

> NCLT judgment dated 2021-12-01. Citation: TCN-2021-NCLT-00323. The case involves an application (IA-5521/2021) filed under Rule 11 of the NCLT Rules, seeking…

- **Court:** NCLT
- **Order date:** 1 Dec 2021
- **Citation:** TCN-2021-NCLT-00323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unibera-developers-private-limited-new-ia-no-5521-2021-in-ib-no-868nd2018-a71b7579

## Summary

### Background

The case involves an application (IA-5521/2021) filed under Rule 11 of the NCLT Rules, seeking withdrawal of the main Company petition based on a settlement between the parties. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant filed the application jointly with the Operational Creditor and the Corporate Debtor. The applicant argued that the application is maintainable under Rule 11 and that the IRP has been claiming exorbitant fees. The applicant also claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner.

## Facts

M/s. Propertree Real Estate Solution Pvt. Ltd. filed an application seeking to withdraw the main company petition based on a settlement with M/s. Unibera Developers Pvt. Ltd. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner and was charging exorbitant fees. The court observed that the application was not moved under Regulation 30A of CIRP Regulation, 2016, and the applicant did not obtain consent from the CoC or follow the procedure under Regulation 30A. The IRP claimed to have received more than 150 claims and constituted the CoC in accordance with the law. The court questioned the IRP's decision to

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main company petition is maintainable under Rule 11 …

**Ratio:** Section 12A of the IBC makes it mandatory for the applicant to file the withdrawal

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**Reasoning:** The court reasoned that the applicant did not follow the procedure prescribed under

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**Interpretation:** The court interpreted Section 12A and Regulation 30A as mandatory provisions

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**Application:** In this case, the applicant did not obtain the approval of the CoC or follow

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## Parties

- **Judges:** Bhaskara Pantula…; L. N. G…
- **Appellants:** M/s. Propertree…
- **Respondents:** M/s. Unibera…

## Timeline

- **2021-11-12 — CIRP Init…**: CIRP against the Corporate Debtor was…
- **2021-12-01 — Order Del…**: Order delivered on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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