# In the matter of Adoration Ceramica Pvt. Ltd.

> NCLT judgment dated 2023-07-17. Citation: TCN-2023-NCLT-02491. The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 17 Jul 2023
- **Citation:** TCN-2023-NCLT-02491
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adoration-ceramica-pvt-ltd-02d90c70

## Summary

### Background

The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) (Resolution Process for Corporate Debtor) Regulations, 2016. The IRP sought permission from the Adjudicating Authority to withdraw the main Corporate Insolvency Resolution Process (CIRP) application, CP(IB)/187 of 2022. The main petition was admitted on 03.07.2023 for initiating CIRP against the Corporate Debtor, Adoration Ceramica Pvt Ltd.

## Facts

Milo Tile LLP filed an application under Section 9 of the IBC against Adoration Ceramica Pvt Ltd. The application was admitted on 03.07.2023 for initiating CIRP against Adoration Ceramica Pvt Ltd. Subsequently, on 05.07.2023, the Operational Creditor (Milo Tile LLP) and the Corporate Debtor (Adoration Ceramica Pvt Ltd) entered into a settlement, and the Corporate Debtor made the entire payment to the Operational Creditor. The IRP filed an application (IA 755 of 2023) under Section 12A of the IBC, seeking permission to withdraw the main CIRP application (CP(IB)/187 of 2022). The cost to the IRP was also paid by the Operational Creditor. The Adjudicating Authority considered these facts and allowed the withdrawal application, terminating the CIRP proceedings.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the withdrawal of the CIRP proceedings based on the …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Resolution Process

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**Reasoning:** The court considered the fact that the Operational Creditor and the Corporate Debtor had

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**Interpretation:** Section 12A of the IBC provides a mechanism for parties to settle their

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**Application:** In this case, the Operational Creditor and the Corporate Debtor had entered

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## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Appellants:** Milo Til…
- **Respondents:** Adoration…
- **Advocates:** Vinit N…

## Timeline

- **N/A — Application under…**: Milo Tile LLP filed an application under Section 9 of the IBC against Adoration Ceramica…
- **2023-07-03 — Admission of Main…**: The main petition was admitted for initiating…

## 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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