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

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-02620. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-02620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anand-divine-developers-pvt-ltd-ib-1101pb-2020-f8b69830

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Anand Divine Developers Private Limited. The application was filed by the 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 CIRP was initially initiated by the Financial Creditor, ICICI Prudential Venture Capital Fund Real Estate Scheme I.

## Facts

ICICI Prudential Venture Capital Fund Real Estate Scheme I, represented by its Investment manager ICICI Prudential Asset Management Company Limited, initiated CIRP against Anand Divine Developers Private Limited. Before the formation of the Committee of Creditors (CoC), ICICI Prudential and Anand Divine Developers Private Limited reached a settlement. The IRP, Harish Taneja, filed an application (IA-2391/2022) under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, for withdrawal of the CIRP proceedings. The Financial Creditor submitted Form-FA to withdraw the application admitted under Section 7 of the IBC. The NCLT considered the settlement and allowed the withdrawal application.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, allows

…

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

…

**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings, especially

…

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

…

## Parties

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

## Timeline

- **2016-01-01 — Enactment of IBC and…**: The Insolvency and Bankruptcy Code, 2016 (IBC) and the IBBI (CIRP) Regulations, 2016,…
- **2022-05-25 — Order Del…**: The NCLT delivered the order allowing the withdrawal of the CIRP proceedings against…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anand-divine-developers-pvt-ltd-ib-1101pb-2020-f8b69830