# In the matter of Ganapati India International Pvt. Ltd. IA(I.B.C)-716(KB)2022 in C.P. (IB)-74(KB)2021

> NCLT judgment dated 2022-07-25. Citation: TCN-2022-NCLT-01584. The case involved an application by the IRP for withdrawal of CIRP proceedings after a…

- **Court:** NCLT
- **Order date:** 25 Jul 2022
- **Citation:** TCN-2022-NCLT-01584
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ganapati-india-international-pvt-ltd-iaibc-716kb2022-in-cp-ib-74kb2021-dd5a4140

## Summary

### Background

The case involved an application by the IRP for withdrawal of CIRP proceedings after a settlement was reached between the parties and the operational creditor received the entire claim amount.

## Facts

The present application, IA(IBC)/716(KB)2022 , was filed by the Interim Resolution Professional (IRP) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) proceedings. These proceedings were initiated by an order passed in CP(IB)/74(KB)2021 on July 13, 2022. The application for withdrawal was made after certain developments occurred subsequent to the admission of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the CIRP proceedings can be withdrawn after the order of admission, based on a settlement …

**Ratio:** The Adjudicating Authority, exercising its inherent powers under Rule 11 of the NCLT

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**Reasoning:** The Adjudicating Authority noted that the operational creditor had received the entire

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**Interpretation:** Rule 11 of the NCLT Rules, 2016, grants inherent powers to the Adjudicating

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**Application:** Given the settlement and full payment to the operational creditor, and the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Mangilal…
- **Respondents:** GANAPATI INDIA…
- **Advocates:** Shreya Cho…; Narayan T…; +1 more

## Timeline

- **July 13, 2022 — CIRP Initiati…**: Order passed in CP(IB)/74(KB)2021…
- **July 25, 2022 — Hearing…**: Attendance-cum-order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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