# In the matter of C. S. Infraconstruction Ltd. IA No.402,404 & 422-2022 in CP (IB) No.62-ALD-2021

> NCLT judgment dated 2022-11-21. Citation: TCN-2022-NCLT-00383. The case involves an application (IA No.422/2022) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Nov 2022
- **Citation:** TCN-2022-NCLT-00383
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/c-s-infraconstruction-ltd-ia-no402404-422-2022-in-cp-ib-no62-ald-2021-1a6c8ad6

## Summary

### Background

The case involves an application (IA No.422/2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) and Rule 11 of the NCLT Rules, 2016, along with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. IA No.402/2022 is an application to place on record the Form-2 submitted by the RP and vakalatnama filed on behalf of IRP. IA No.404/2022 is also related to the same CIRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against C.S. Infraconstruction Ltd. An application, IA No.422/2022, was filed under Section 12A of the IBC and related regulations, seeking withdrawal of the CIRP. The Insolvency Resolution Professional (IRP) stated that the parties had reached a settlement, documented in a settlement agreement dated November 12, 2022, which is also the date of Form-FA. The Committee of Creditors (CoC) had not been constituted. IA No.402/2022 is an application to place on record the Form-2 submitted by the RP and vakalatnama filed on behalf of IRP. IA No.404/2022 is also related to the same CIRP. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP based on the settlement,

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The court considered the settlement agreement between the parties and the fact that the

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**Interpretation:** Section 12A of the IBC is interpreted to allow for the withdrawal of CIRP when

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**Application:** In this case, since the parties had settled the matter and the CoC had not been

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** C.S. INFRACONSTRUC…

## Timeline

- **2022-11-21 — Hearing…**: Attendance-cum-order sheet of the…
- **2022-11-12 — Settlement Agreement…**: The settlement agreement between the parties is dated 12th November, 2022, which is also…

## 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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