# In the matter of Earth Infrastructure Pvt. Ltd. IA-1957-ND-2020, IA-4318-ND-2021 & IA-807-ND-2022 in IB-1601-ND-2019

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03880. The case involves an application (IA/807/ND/2022) for withdrawal of corporate insolvency…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/earth-infrastructure-pvt-ltd-ia-1957-nd-2020-ia-4318-nd-2021-ia-807-nd-2022-in-i-939b06b3

## Summary

### Background

The case involves an application (IA/807/ND/2022) for withdrawal of corporate insolvency resolution process (CIRP) proceedings under Section 12A of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) moved the application, stating that the matter has been settled with the sole Financial Creditor, and the Committee of Creditors (CoC) has approved the withdrawal with 100% voting. The case also involves other IAs (IA/1957/ND/2020 and IA/4318/ND/2021), which have become infructuous due to the settlement.

## Facts

Emperos Infrastructure Pvt Ltd initiated CIRP against Earthcon Infrastructure Pvt Ltd. The IRP filed an application (IA/807/ND/2022) to withdraw the CIRP proceedings under Section 12A of the IBC. The reason for the withdrawal was a settlement between the parties, approved by the sole Financial Creditor in the CoC with 100% voting. The IRP confirmed full payment and no grievances. Other IAs (IA/1957/ND/2020 & IA/4318/ND/2021) were also pending but became irrelevant due to the settlement and withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP proceedings under Section 12A of the IBC should be …

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

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**Reasoning:** The court considered the settlement between the parties, the 100% approval of the

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

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**Application:** In this case, the settlement between Emperos Infrastructure Pvt Ltd and

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Emperos Infrastruc…
- **Respondents:** Earthcon Infrastru…

## Timeline

- **N/A — Initiation…**: Emperos Infrastructure Pvt Ltd initiated CIRP…
- **N/A — Filing of IA/80…**: The IRP filed IA/807/ND/2022 for withdrawal of CIRP proceedings under Section 12A of 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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