# In the matter of Fontana Impex Private Limited IA(IBC)-19-KOB-2022 and IA (IBC)-28-KOB-2022 in 
CP(IB)-41-KOB-2021

> NCLT judgment dated 2022-02-09. Citation: TCN-2022-NCLT-04209. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 9 Feb 2022
- **Citation:** TCN-2022-NCLT-04209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fontana-impex-private-limited-iaibc-19-kob-2022-and-ia-ibc-28-kob-2022-in-cpib-4-7378ed41

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Fontana Impex Private Limited. The CIRP was initiated based on an application filed by M/s. Iapetus Shipping, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application CP(IB)/41/KOB/2021 was admitted by the Tribunal on January 7, 2022. Mohanan T.S was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s. Iapetus Shipping, an operational creditor, filed an application CP(IB)/41/KOB/2021 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Fontana Impex Private Limited (Corporate Debtor). The application was admitted on January 7, 2022, initiating the Corporate Insolvency Resolution Process (CIRP). Mohanan T.S was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on January 14, 2022, setting the due date for submission of claims as January 26, 2022. No claims were received from any secured or unsecured creditors by the due date, and the Committee of Creditors (CoC) was not constituted. Before the CoC could be formed, the Operational Creditor and the Corporate Debtor reached a settlement on January 22, 2022.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The Tribunal considered that the Operational Creditor and the Corporate Debtor had

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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 was reached before the CoC was formed, and the

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** Mohanan…
- **Respondents:** Fontana Impex…; M/s Fontana Impex…

## Timeline

- **2022-01-07 — Admission of CP(IB)/41/K…**: Tribunal admitted the application CP(IB)/41/KOB/2021 for Corporate Insolvency Resolution…
- **2022-01-14 — Public Annou…**: IRP made public announcement in…

## 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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