# In the matter of Calvin Associates Private Limited

> NCLT judgment dated 2023-05-12. Citation: TCN-2023-NCLT-03393. An application was filed by the former director of the corporate debtor under Section 12A of…

- **Court:** NCLT
- **Order date:** 12 May 2023
- **Citation:** TCN-2023-NCLT-03393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/calvin-associates-private-limited-973b551b

## Summary

### Background

An application was filed by the former director of the corporate debtor under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules 2016, seeking to recall the admission order and withdraw the company petition.

## Facts

An application was filed on May 3, 2023, by Mr. Kausshal Bagadia, the former director of the corporate debtor, under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules 2016. The application sought to recall the admission order dated April 28, 2023, and to withdraw the company petition. This action was taken after the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP and recall of the admission order should be allowed …

**Ratio:** The NCLT, in exercise of its inherent powers under Rule 11 of the NCLT Rules, 2016, can

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**Reasoning:** The Bench considered the Supreme Court's ruling in Swiss Ribbons Private Limited &

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**Interpretation:** The court interpreted **Rule 11** of the NCLT Rules, 2016, as granting inherent

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**Application:** Given that the corporate debtor had settled all dues with the operational

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## Parties

- **Judges:** Prabhat…; Kuldip Kumar…
- **Appellants:** Carestream Health…
- **Respondents:** Calvin Associates…
- **Advocates:** For the Applicant:…; Ld. Counsel. For…; +3 more

## Timeline

- **April 28, 2023 — Admission…**: Admission order passed, initiating…
- **May 3, 2023 — Application…**: Mr. Kausshal Bagadia, Former Director of the Corporate Debtor, filed an application under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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