# In the matter of BRIJBIHARI METALLICS PRIVATE LIMITED

> NCLT judgment dated 2023-11-23. Citation: TCN-2023-NCLT-00606. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 Nov 2023
- **Citation:** TCN-2023-NCLT-00606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brijbihari-metallics-private-limited-f31297dd

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Seven Star Steels Limited, the operational creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Brijbihari Metallics Private Limited, the corporate debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal initiated CIRP against the corporate debtor on 24.08.2023. The Interim Resolution Professional (IRP) was appointed. The IRP made public announcements as per regulations. However, the operational creditor and the corporate debtor entered into a Memorandum

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## Facts

Seven Star Steels Limited, as an operational creditor, initiated 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 CIRP against the corporate debtor on 24.08.2023. Sarvesh Kashyap was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements as per Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. No Committee of Creditors (CoC) was constituted due to non-receipt of claims. The Operational Creditor and the Corporate Debtor entered into a Memorandum of Understanding (MOU) dated 05.10.2023, to settle their

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## Issues and analysis

### Issue 1: Whether the application filed by the Interim Resolution Professional (IRP) under Section 12A of the …

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

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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 the withdrawal of CIRP proceedings when

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

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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 CIRP…

## 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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