# In the matter of Apple Spire India LLP

> NCLT judgment dated 2023-08-21. Citation: TCN-2023-NCLT-01980. The application, IA No.567 of 2023, was filed by the Interim Resolution Professional (IRP) of…

- **Court:** NCLT
- **Order date:** 21 Aug 2023
- **Citation:** TCN-2023-NCLT-01980
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/apple-spire-india-llp-2e376273

## Summary

### Background

The application, IA No.567 of 2023, was filed by the Interim Resolution Professional (IRP) of the Corporate Debtor under Section 12A of the Insolvency and Bankruptcy Code (IBC) r/w Regulation 30A of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016. The IRP sought permission to withdraw the initial petition filed under Section 7 of the IBC. The petitioners and the corporate debtor reached an amicable settlement before the constitution of the Committee of Creditors (CoC).

## Facts

Mr. Nagappa Maiya & Ors. filed a petition against M/s. Apple Spire India LLP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) filed an application (IA No.567 of 2023) seeking to withdraw the petition under Section 12A of the Code r/w Regulation 30A of the IBBI (CIRP) Regulations, 2016. No claims were received from any creditors, and the parties settled the matter amicably before the constitution of the Committee of Creditors (CoC). The Petitioners executed and submitted Form-FA to the Applicant withdrawing the instant CP. The IRP's fees and CIRP expenses were cleared by the Petitioners. The court found that the conditions for withdrawal were satisfied.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The court reasoned that the conditions for withdrawal under Section 12A of the Code r/w

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP applications,

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**Application:** In this case, the court applied Section 12A and Regulation 30A to the facts,

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## Parties

- **Judges:** (Retd.) T.…; SH. MANOJ KUMAR…
- **Appellants:** Nagappa Maiya &…
- **Respondents:** M/s. Apple Spire…

## Timeline

- **2023-08-04 — Form-FA Sub…**: Petitioners executed and submitted Form-FA to the Applicant withdrawing the instant CP.…
- **2023-08-21 — Order Del…**: Order delivered on the…

## 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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