# In the matter of Hindustan Facing Industry Private Limited IA(I.B.C)-1104(KB)2022 in C.P. (IB)-82(KB)2020

> NCLT judgment dated 2022-10-18. Citation: TCN-2022-NCLT-00700. The case involves an application (IA(IBC)1104/KB/2022) filed for the withdrawal of the…

- **Court:** NCLT
- **Order date:** 18 Oct 2022
- **Citation:** TCN-2022-NCLT-00700
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hindustan-facing-industry-private-limited-iaibc-1104kb2022-in-cp-ib-82kb2020-63b097ee

## Summary

### Background

The case involves an application (IA(IBC)1104/KB/2022) filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated by the Adjudicating Authority on September 6, 2022. The application for withdrawal is based on a settlement reached between the Operational Creditor and the Corporate Debtor on September 21, 2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on September 6, 2022. Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement on September 21, 2022, before the constitution of the Committee of Creditors (CoC). An application (IA(IBC)1104/KB/2022) was filed for the withdrawal of the CIRP under Regulation 30A. The application was supported by an affidavit from the Interim Resolution Professional (IRP). No IRP costs were pending, and no documents were taken over by the IRP from the suspended directors. The settlement was reached before the CoC was constituted.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Regulation 30A should be allowed based on …

**Ratio:** Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The court considered the settlement reached between the Operational Creditor and the

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**Interpretation:** Regulation 30A provides a mechanism for parties to settle their disputes and

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**Application:** The court applied Regulation 30A to the facts of the case, where a settlement

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Respondents:** COSMOS LIFTERS &…; HINDUSTHAN FACING…

## Timeline

- **2022-09-06 — CIRP Init…**: CIRP initiated by the…
- **2022-09-21 — Settlement Ag…**: Settlement arrived at between 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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