# In the matter of Chiral Bio Sciences Ltd. IA(IBC)-194-2022 in CP (IB) No. 239-9-HDB-2017

> NCLT judgment dated 2022-03-04. Citation: TCN-2022-NCLT-03903. The case involves an application IA(IBC)/194/2022 filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Mar 2022
- **Citation:** TCN-2022-NCLT-03903
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/chiral-bio-sciences-ltd-iaibc-194-2022-in-cp-ib-no-239-9-hdb-2017-2231e012

## Summary

### Background

The case involves an application IA(IBC)/194/2022 filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, by the Interim Resolution Professional (IRP) seeking leave of the Tribunal for withdrawal of the Corporate Insolvency Resolution Process (CIRP) in CP(IB) No.239/9/HDB/2017. The matter was initiated by Mylan Laboratories Ltd, the Operational Creditor, against Chiral Bio Sciences Ltd, the Corporate Debtor.

## Facts

Mylan Laboratories Ltd, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Chiral Bio Sciences Ltd, the Corporate Debtor, under CP(IB) No.239/9/HDB/2017. Subsequently, an application IA(IBC)/194/2022 was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC, 2016, seeking permission to withdraw the CIRP. The application stated that the matter had been settled out of the tribunal. The tribunal reviewed the affidavit and was satisfied with the reasons for withdrawal. Consequently, the tribunal allowed the application, discharged the Corporate Debtor from the CIRP, and lifted the moratorium.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the Corporate Insolvency Resolution Process …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of CIRP with the approval of the

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**Reasoning:** The Tribunal considered the application filed by the Interim Resolution Professional

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

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**Application:** In this case, the Tribunal applied Section 12A and allowed the withdrawal of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Mylan Laboratories…
- **Respondents:** Chiral Bio…

## Timeline

- **2017-01-01 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Chiral Bio Sciences Ltd…
- **2022-03-04 — Order for Withdrawal of…**: Tribunal allows IA(IBC)/194/2022, disposing of the company petition as withdrawn,…

## 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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