# In the matter of Brijbihari Metallics Private Limited

> NCLT judgment dated 2023-11-23. Citation: TCN-2023-NCLT-00600. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Nov 2023
- **Citation:** TCN-2023-NCLT-00600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brijbihari-metallics-private-limited-4c0d93e5

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Brijbihari Metallics Private Limited. The CIRP was initially triggered by Seven Star Steels Limited, an operational creditor, under Section 9 of the IBC. The Tribunal had initiated the CIRP against the corporate debtor on 24.08.2023. The IRP had also made public announcements as required by regulations.

## Facts

Seven Star Steels Limited, an operational creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Brijbihari Metallics Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal initiated the CIRP on 24.08.2023. Sarvesh Kashyap was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements as per regulations. No Committee of Creditors (CoC) was constituted due to non-receipt of claims. The Operational Creditor and Corporate Debtor entered into a Memorandum of Understanding (MOU) on 05.10.2023 to settle their dues and withdraw the CIRP application. The Corporate Debtor paid Rs. 2,50,000 towards CIRP expenses. The IRP filed an application under Section 12A of the

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The Tribunal considered the submissions made by the Learned Counsel for the Applicant/RP

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** SARVESH K…
- **Respondents:** Brijbihari…; Seven Star Steels…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No. (IB)…
- **2023-08-24 — CIRP Init…**: The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) against 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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