# In the matter of D D Industries Ltd.

> NCLT judgment dated 2023-04-28. Citation: TCN-2023-NCLT-03592. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 28 Apr 2023
- **Citation:** TCN-2023-NCLT-03592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/d-d-industries-ltd-1179405d

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The Interim Resolution Professional (IRP) filed the application under Section 12A of the IB Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Person) Regulation, 2016, seeking approval for the withdrawal. The IRP stated that a one-time settlement proposal of the corporate debtor was accepted and approved by the financial creditor.

## Facts

HDFC Bank Ltd. initiated CIRP against DD Industries Ltd. A one-time settlement proposal was accepted and approved by the financial creditor, HDFC Bank Ltd. The outstanding amount was Rs 56.50 Crores as on 2023-02-28. The corporate debtor was to pay Rs 40 crores by 2023-06-16. The corporate debtor had already paid the entire settlement amount on 2023-03-31. The financial creditor acknowledged the payment on 2023-04-01 and issued a NOC to the Corporate Debtor on 2023-04-12 after closure of accounts. The IRP filed an application under Section 12A of the IB Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Person) Regulation, 2016, seeking approval for the withdrawal of the CIRP of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the one-time …

**Ratio:** Section 12A of the IB Code, 2016, read with Regulation 30A of the IBBI (Insolvency

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**Reasoning:** The court considered the submissions of the counsel for the applicant and the averments

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

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**Application:** In this case, the financial creditor accepted a one-time settlement proposal,

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** HDFC Bank…
- **Respondents:** DD Industri…; M/s. DD Industries…

## Timeline

- **2023-02-28 — Outstanding…**: Outstanding amount was…
- **2023-03-31 — Settlement Amo…**: Corporate Debtor paid the…

## 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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