# In the matter of Dhammanagi Developerss Pvt. Ltd. I.A.Nos. 32,36 & 37-2023 in C.P. (IB)No. 42-BB-2021

> NCLT judgment dated 2023-01-23. Citation: TCN-2023-NCLT-04947. The case involves a petition filed by Piramal Capital and Housing Finance Limited against…

- **Court:** NCLT
- **Order date:** 23 Jan 2023
- **Citation:** TCN-2023-NCLT-04947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dhammanagi-developerss-pvt-ltd-ianos-3236-37-2023-in-cp-ibno-42-bb-2021-96073875

## Summary

### Background

The case involves a petition filed by Piramal Capital and Housing Finance Limited against Dhammanagi Developerss Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a Resolution Professional (RP) was appointed. However, the parties decided to settle the matter amicably, leading to a settlement agreement. The CoC approved the withdrawal of the application.

## Facts

Piramal Capital and Housing Finance Limited initiated CIRP against Dhammanagi Developerss Pvt. Ltd. The CIRP was admitted on 2022-04-05. A Resolution Professional (RP), Ms. Devika Sathyanarayana, was appointed. The Suspended Board of Directors and the CoC decided to settle the matter amicably. The Erstwhile Directors agreed to settle the dues in three installments. The Suspended Board of Directors paid the balance of the estimated CIRP expenses. The CoC unanimously approved the withdrawal of the application in its 8th meeting dated 2022-12-31. The RP filed I.A.No.32/2023 seeking withdrawal of the CIRP application. The RP also filed I.A.No.36/2023 and I.A.No.37/2023 seeking to take on record the 17th and 16th Progress Reports for the periods 2022-12-02 to 2022-12-15 and

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## Issues and analysis

### Issue 1: Whether the conditions for withdrawal of CIRP under Section 12A of the IBC and Regulation 30A of …

**Ratio:** Section 12A of the IBC allows for withdrawal of CIRP if the Adjudicating Authority is

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**Reasoning:** The court noted that the CoC had unanimously approved the withdrawal of the application,

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if the parties reach a

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**Application:** In this case, the CoC approved the withdrawal, and a settlement agreement was

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## Parties

- **Judges:** (Retd.) T.…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Piramal…
- **Respondents:** M/s. Dhammanagi…

## Timeline

- **2022-04-05 — Admission of Company…**: The Company Petition was admitted…
- **2022-12-31 — CoC Meet…**: The CoC unanimously approved the resolution with regard to the withdrawal of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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