# In the matter of Basantipur Tea Co. Pvt. Ltd. IA(I.B.C)-20(KB)2022 in C.P. (IB)-7(KB)2020

> NCLT judgment dated 2022-02-10. Citation: TCN-2022-NCLT-04201. The case involves an application filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 10 Feb 2022
- **Citation:** TCN-2022-NCLT-04201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/basantipur-tea-co-pvt-ltd-iaibc-20kb2022-in-cp-ib-7kb2020-ae28e15e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) seeking closure of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Basantipur Tea Co. Pvt. Ltd., vide order dated 23.12.2021. The CIRP was initiated based on an application against the Corporate Debtor. During the CIRP, two claims were received by the IRP, one from Indian Bank and another from S.L. Packaging Private Limited. The petitioning Operational Creditor, Jai Trading Company, did not file any claim with the IRP. The IRP received Form FA along with a copy of the settlement agreement with the petitioning Operational Creditor. The Operational Creditor has since withdrawn its claim. The IRP filed a report constituting the Committee of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Basantipur Tea Co. Pvt. Ltd. based on an application. The Interim Resolution Professional (IRP) filed an application seeking closure of the CIRP. Two claims were received by the IRP, one from Indian Bank for Rs.3,03,73,634.80 and another from S.L. Packaging Private Limited for Rs.7,73,285.00. The petitioning Operational Creditor, Jai Trading Company, did not file any claim with the IRP. The IRP received Form FA along with a copy of the settlement agreement with the petitioning Operational Creditor. The Operational Creditor has since withdrawn its claim. The IRP filed a report constituting the Committee of Creditors (CoC). The CoC, consisting solely of Indian Bank, discussed the withdrawal of the

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## Issues and analysis

### Issue 1: Whether the CIRP initiated against the …

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

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**Reasoning:** The court considered the settlement between the petitioning Operational Creditor and the

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**Interpretation:** Section 12A provides a mechanism for CIRP to be withdrawn if the creditors

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**Application:** In this case, the CoC approved the closure of the CIRP, and the Corporate

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** BASANTIPUR TEA…

## Timeline

- **2021-12-23 — CIRP Init…**: CIRP initiated against the Corporate…
- **2021-12-26 — Public Annou…**: Public announcement in Form…

## 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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