# In the matter of Deserve Construction Private Limited I.A. 2240-2021, I.A. 75 & 1024-2022 in C.P.(IB)-3723(MB)-2019

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-03109. The case involves an Interlocutory Application (I.A. 1024/2022) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-03109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/deserve-construction-private-limited-ia-2240-2021-ia-75-1024-2022-in-cpib-3723mb-19a19bd3

## Summary

### Background

The case involves an Interlocutory Application (I.A. 1024/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP order was initially passed against the Corporate Debtor. The application for withdrawal is based on a settlement reached between the parties.

## Facts

Nuvoco Vistas Corporation Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Deserve Construction Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. An IRP was appointed. Subsequently, the IRP filed an Interlocutory Application (I.A. 1024/2022) under Section 12A of the IBC seeking withdrawal of the CIRP order due to a settlement. The CoC approved the withdrawal with 100% voting share in its 5th meeting held on 05.04.2022. The IRP confirmed receipt of CIRP costs. The CIRP order was initially passed on 30.04.2021. Other pending IAs (75/2022 and 2240/2021) were related to the CIRP. The main petition was CP(IB)-3723(MB)/2019.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application (I.A. 1024/2022) filed by the IRP under Section 12A of the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP if

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal of the CIRP with a 100%

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings when a

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**Application:** In this case, the CoC's approval with 100% voting share satisfied the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Nuvoco Vistas…
- **Respondents:** Deserve Constructi…

## Timeline

- **2019-01-01 — Main Company…**: Main company petition…
- **2021-04-30 — CIRP Ord…**: CIRP order was passed…

## 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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