# In the matter of Zentora Overseas Careers Private Limited IA No. 66-2021 in CP (IB) No. 443-9-HDB-2019

> NCLT judgment dated 2021-01-11. Citation: TCN-2021-NCLT-03327. The application was filed by the Resolution Professional (RP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 11 Jan 2021
- **Citation:** TCN-2021-NCLT-03327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zentora-overseas-careers-private-limited-ia-no-66-2021-in-cp-ib-no-443-9-hdb-201-a3ca141a

## Summary

### Background

The application was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, read with Regulation 30(A) of the IBBI (Insolvency and Bankruptcy Board of India) (Corporate Insolvency Resolution Process) Regulations, 2016, seeking permission to withdraw the Company Petition. The Tribunal had admitted the petition filed under Section 9 of the I&B Code by the Operational Creditor on 02.03.2020, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointing an Interim Resolution Professional (IRP). The COC decided to replace the IRP and appointed Ms. Padmasri Appana as RP. The RP conducted several COC meetings. The parties informed the RP that they had reached a

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## Facts

The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Tribunal on 02.03.2020, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Zentora Overseas Careers Private Limited. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) was constituted, and in its first meeting on 15.06.2020, the COC decided to replace the IRP with Ms. Padmasri Appana as the Resolution Professional (RP). The Tribunal approved the replacement on 24.06.2020. The RP conducted several COC meetings. Subsequently, the parties reached a settlement, documented in a Memorandum of Understanding dated 18.12.2020, and informed the RP of their agreement.

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## Issues and analysis

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

**Ratio:** Section 12A of the I&B Code, read with Regulation 30A of the IBBI (Insolvency

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**Reasoning:** The Tribunal noted that the parties had settled their dues vide a Memorandum of

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the parties had reached a settlement, and the Corporate Debtor

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Respondents:** M/s. Zentora…

## Timeline

- **2020-03-02 — Admission of Section 9…**: The Tribunal admitted the petition filed under Section 9 of the Insolvency and Bankruptcy…
- **2020-06-15 — First COC M…**: In the first COC meeting, the COC decided to replace the IRP and appoint Ms. Padmasri…

## 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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