# In the matter of Balan and Chheda Developers Private Limited

> NCLT judgment dated 2023-08-03. Citation: TCN-2023-NCLT-02181. The case involves I.A. 1449 of 2023 filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 3 Aug 2023
- **Citation:** TCN-2023-NCLT-02181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/balan-and-chheda-developers-private-limited-8b22e8b3

## Summary

### Background

The case involves I.A. 1449 of 2023 filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Company Petition under Section 12A of the Insolvency and Bankruptcy Code, 2016, and regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Additionally, I.A. 1824 of 2023 was filed by Dhiraj Shah and Hemlata Shah, members of the Committee of Creditors (CoC), objecting to the withdrawal. The initial Company Petition no. 1206/2020 was filed by Mrs. Neeta Navin Nagda against Balan And Chheda Developers Private Limited under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) and the appointment of Nayana Savala as the IRP. The

…

## Facts

Mrs. Neeta Navin Nagda filed Company Petition no. 1206/2020 against Balan And Chheda Developers Private Limited under Section 7 of the IBC, leading to the initiation of CIRP. Nayana Savala was appointed as the IRP. The IRP made a public announcement regarding the commencement of CIRP. Claims were received from financial creditors, and the CoC was constituted. The suspended director of the Corporate Debtor filed an appeal before the NCLAT, expressing readiness to deposit the financial debt and enter into a settlement. The NCLAT directed the appellant to deposit Rs. 1,08,62,693. A settlement agreement was entered into with 95.49% of the Financial Creditors. The Financial Creditor deposited Rs. 5,00,000 with the Applicant. The CoC approved the resolution for filing the

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition under Section 12A of the Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of a CIRP

…

**Reasoning:** The court observed that the matter had been settled between the Corporate Debtor and the

…

**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP proceedings when a

…

**Application:** In this case, the Corporate Debtor and the Financial Creditor had entered into

…

## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Nayana S…
- **Respondents:** Balan and Chheda…; Resolution…
- **Advocates:** Janani Swam…; Jayom…; +2 more

## Timeline

- **2020-01-01 — Filing of Company…**: Company Petition no. 1206/2020 filed by Mrs. Neeta Navin Nagda against Balan And Chheda…
- **2023-02-03 — Admission of Company…**: Tribunal admitted the Company Petition…

## 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)

---

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/balan-and-chheda-developers-private-limited-8b22e8b3