# In the matter of Clinch Silicones Pvt. Ltd. IA-140(AHM)2023 In CP(IB) 163 of 2020

> NCLT judgment dated 2023-02-06. Citation: TCN-2023-NCLT-04766. The case pertains to an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 6 Feb 2023
- **Citation:** TCN-2023-NCLT-04766
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/clinch-silicones-pvt-ltd-ia-140ahm2023-in-cpib-163-of-2020-a1e0bedc

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) on the grounds of settlement between the parties.

## Facts

Parthdye Chem Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Clinch Silicones Pvt Ltd under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed an application (IA/140(AHM)2023) under Section 12A of the IBC, 2016, seeking withdrawal of the main CIRP due to a settlement reached between Parthdye Chem Pvt Ltd and Clinch Silicones Pvt Ltd. The court heard the IRP's counsel and, acknowledging the settlement, permitted the withdrawal of the CIRP. Consequently, the main CIRP was withdrawn and disposed of, along with the application IA/140(AHM)2023.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application if the

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**Reasoning:** The court reasoned that since the parties involved in the CIRP had reached a settlement,

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**Interpretation:** Section 12A of the IBC is interpreted to facilitate settlements between the

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**Application:** In this case, the court applied the ratio of Section 12A by acknowledging the

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Parthdye Chem Pvt…
- **Respondents:** Clinch Silicones…

## Timeline

- **N/A — Initiation…**: Corporate Insolvency Resolution Process…
- **N/A — Application for…**: IRP filed IA/140(AHM)2023 under Section 12A of IBC for withdrawal of CIRP due to…

## 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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