# In the matter of Atharva Polymers Private Limited

> NCLT judgment dated 2023-06-06. Citation: TCN-2023-NCLT-03081. The case involves an application (IA No. 2080/2023) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 6 Jun 2023
- **Citation:** TCN-2023-NCLT-03081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/atharva-polymers-private-limited-1ba9802e

## Summary

### Background

The case involves an application (IA No. 2080/2023) filed by the Interim Resolution Professional (IRP) seeking withdrawal of the main Company Petition No. 179/IB/MB/2022. The application is based on a settlement reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor has submitted Form-FA dated 18.05.2023 for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The IRP also stated that there are no CIRP expenses incurred.

## Facts

Attitude Life Science Products Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Atharva Polymers Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Interim Resolution Professional (IRP), Ms. Kalpana Gandhi, filed an application (IA No. 2080/2023) seeking withdrawal of the main Company Petition No. 179/IB/MB/2022, citing a settlement between Attitude Life Science Products Private Limited (Operational Creditor) and Atharva Polymers Private Limited (Corporate Debtor). The Operational Creditor submitted Form-FA dated 18.05.2023 for withdrawal of the CIRP process, and the IRP confirmed that no CIRP expenses were incurred. The NCLT Mumbai Bench considered the submissions and material on record before allowing

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code, 2016 read with Rule 11 of the NCLT

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**Reasoning:** The court considered the submissions of the IRP, the settlement between the Operational

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if the Adjudicating

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**Application:** The court applied the principle of allowing withdrawal based on settlement to

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## Parties

- **Judges:** ANURADHA SANJAY…; Kuldip Kumar…
- **Respondents:** ATHARVA POLYMERS…

## Timeline

- **2023-05-18 — Form-FA Sub…**: The Operational creditor submitted…
- **2023-05-12 — CIRP Orde…**: CIRP order passed by…

## 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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