# In the matter of Blue Marlin Buildcon Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02307. The case involves an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-marlin-buildcon-limited-c8f06bec

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor, Blue Marlin Buildcon Limited, seeking withdrawal of a Company Petition filed by the Operational Creditor, Fox Mandal & Co., under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal had previously initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on the Operational Creditor's application. A public announcement was made, and claims were invited from creditors. The Committee of Creditors (COC) subsequently passed a resolution with 99.2% voting share for the withdrawal of the main petition, as the Operational Creditor and Corporate Debtor were in the process of settlement.

## Facts

Fox Mandal & Co., an Operational Creditor, filed an application under Section 9 of the IBC, 2016, against Blue Marlin Buildcon Limited, the Corporate Debtor. The NCLT initiated CIRP against the Corporate Debtor on 2023-10-16 and appointed Brahm Datt Verma as the IRP. A public announcement was made on 2023-10-21, inviting claims from creditors. Four claims were received, one of which was rejected due to limitation. Three claims were admitted provisionally. In a COC meeting held on 2023-11-17, the Operational Creditor informed that they were in the process of settlement with the Corporate Debtor. The COC passed a resolution with 99.2% voting share for withdrawal of the main petition. A settlement agreement was entered into between the Operational Creditor and the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC, 2016, should be …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the Insolvency Resolution

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**Reasoning:** The court considered the submissions of the Learned Counsel for the Resolution

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

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

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Brahm Datt…
- **Respondents:** Blue Marlin…; Fox Mandal…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition filed in…
- **2023-10-16 — CIRP Init…**: Tribunal initiated CIRP against the Corporate Debtor and appointed the Applicant as the…

## 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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