# In the matter of Fertis India Pvt. Ltd. IA(IBC)-66-2022 in CP(IB) No. 155-9-HDB-2020

> NCLT judgment dated 2022-01-21. Citation: TCN-2022-NCLT-04384. The case involves an application filed under Section 12-A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 21 Jan 2022
- **Citation:** TCN-2022-NCLT-04384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fertis-india-pvt-ltd-iaibc-66-2022-in-cpib-no-155-9-hdb-2020-8c6e91d3

## Summary

### Background

The case involves an application filed under Section 12-A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) had not issued a public notice or mentioned the pendency of claims against the Corporate Debtor. The Adjudicating Authority (AA) is considering allowing the withdrawal application but has raised concerns about the IRP's conduct.

## Facts

M/s. Megha Granules Pvt Ltd initiated CIRP against M/s. Fertis India (P) Ltd. An application was filed under Section 12-A of the IBC for withdrawal of the CIRP. The IRP had not issued a public notice or mentioned the pendency of claims against the Corporate Debtor. Form FA was filed along with the 12A application, indicating a settlement between the parties. The Adjudicating Authority is considering the withdrawal application. The order of moratorium dated 30.12.2021 shall cease to have effect.

## Issues and analysis

### Issue 1: Whether an IRP who is under legal obligation to follow the I&B Code/ the directions of this AA, …

**Ratio:** An IRP is legally obligated to adhere to the I&B Code and the directions of the

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**Reasoning:** The court questions whether the IRP can disregard the statutory requirements and the

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**Interpretation:** This issue interprets the scope of an IRP's duties and responsibilities under

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**Application:** The court applies this principle to the specific facts by questioning whether

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** M/s Megha…
- **Respondents:** M/s. Fertis India…

## Timeline

- **2021-12-30 — Moratorium…**: Order of moratorium was…
- **2022-01-21 — Hearing…**: Hearing held on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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