# In the matter of B L Kashyap and Sons Ltd. IA-1273-2022 in IB-1770-ND-2019

> NCLT judgment dated 2022-03-22. Citation: TCN-2022-NCLT-03621. The case involves an application seeking closure of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 22 Mar 2022
- **Citation:** TCN-2022-NCLT-03621
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/b-l-kashyap-and-sons-ltd-ia-1273-2022-in-ib-1770-nd-2019-57696a59

## Summary

### Background

The case involves an application seeking closure of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The parties have arrived at a settlement, and the Operational Creditor has received full and final payment. The IRP has confirmed that his fees have been fully paid by the Corporate Debtor.

## Facts

Pioneer Formwork (P) Ltd initiated a CIRP against a Corporate Debtor. During the CIRP, the parties reached a settlement as per a Settlement Deed dated 19.3.2022. The Operational Creditor received full and final payment through RTGS on 17.3.2022. The IRP confirmed that his fees were fully paid by the Corporate Debtor. An application was filed seeking closure of the CIRP under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016. The Tribunal had initiated the Insolvency Process vide order dated 15.3.2022.

## Issues and analysis

### Issue 1: Whether the application seeking closure of the CIRP against the Corporate Debtor should be allowed, …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (CIRP) Regulations,

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**Reasoning:** The court reasoned that the parties had reached a settlement, and the Operational

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Pioneer Formwork…
- **Respondents:** B.L. Kashyap &…
- **Advocates:** Bhuvan…; Abhimanyu M…; +3 more

## Timeline

- **2022-03-15 — Tribunal…**: Tribunal initiated the…
- **2022-03-17 — RTGS Pay…**: Operational Creditor received full &…

## 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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