# In the matter of Anand Divine Developers Pvt. Ltd. (IB)-1101(PB)-2020

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02617. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anand-divine-developers-pvt-ltd-ib-1101pb-2020-0041afa5

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Anand Divine Developers Private Limited. The application was filed by the Interim Resolution Professional (IRP), Mr. Harish Taneja, under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Financial Creditor, ICICI Prudential Venture Capital Fund Real Estate Scheme I, and the Corporate Debtor have entered into a settlement before the formation of the Committee of Creditors (CoC). The Financial Creditor has also filed an application enclosing Form-FA to withdraw the application admitted under Section 7 of the IBC.

## Facts

ICICI Prudential Venture Capital Fund Real Estate Scheme I, acting through its investment manager ICICI Prudential Asset Management Company Limited, initiated CIRP against Anand Divine Developers Private Limited. Before the Committee of Creditors (CoC) could be formed, ICICI Prudential and Anand Divine Developers Private Limited reached a settlement. Consequently, ICICI Prudential sought to withdraw the CIRP application under Section 12A of the IBC, supported by the IRP, Mr. Harish Taneja. The application for withdrawal was filed as IA-2391/2022. The Financial Creditor also submitted Form-FA, indicating their intention to withdraw the initial application admitted under Section 7 of the IBC. The key fact is the settlement reached before the CoC formation, prompting the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed given …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP proceedings with the approval of

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**Reasoning:** The court reasoned that the Financial Creditor and the Corporate Debtor had reached a

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow for flexibility in

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**Application:** In this case, the Financial Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** ICICI Prudential…
- **Respondents:** Anand Divine…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2022-05-25 — Order Del…**: Order delivered by the NCLT allowing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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