# In the matter of GRG Infrastructure Pvt. Ltd. CP(IB) 401 of 2020

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04313. The case pertains to an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/grg-infrastructure-pvt-ltd-cpib-401-of-2020-3d91f741

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated via CP(IB) 401 of 2020. The Corporate Debtor had deposited Rs. 10,000 in the Prime Minister's National Relief Fund as per order dated 10.01.2022.

## Facts

Sachi Steel Solutions Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against GRG Infrastructure Pvt Ltd under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed an application (IA/22(AHM)2022) under Section 12A of the IBC to withdraw the CIRP. The Corporate Debtor deposited Rs. 10,000 in the Prime Minister's National Relief Fund as per the order dated 10.01.2022. The parties settled the dispute, leading to the application for withdrawal of the CIRP. The relevance of the deposit in the Prime Minister's National Relief Fund is that it was a condition for the settlement between the parties, which led to the withdrawal application.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% voting

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**Reasoning:** The court reasoned that since the parties had settled the dispute and the Corporate

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**Interpretation:** Section 12A is interpreted to promote settlements and amicable resolutions

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**Application:** In this case, the court applied the principle of Section 12A by allowing the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Sachi Steel…
- **Respondents:** GRG Infrastructure…
- **Advocates:** Harsh A. Pr…; Rajendra…; +1 more

## Timeline

- **2020-01-01 — Initiation…**: CIRP initiated via…
- **2022-01-10 — Order for D…**: Order issued for the Corporate Debtor to deposit Rs. 10,000 in the Prime Minister's…

## 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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