# In the mater of PPagro India Pvt. Ltd.

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03837. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-mater-of-ppagro-india-pvt-ltd-9b3900a1

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for the withdrawal of the ongoing Corporate Insolvency Resolution Process (CIRP) initiated against M/s PPagro India Pvt. Ltd. The CIRP was filed by Resolution Professional Mr. Kamal Kumar Jain. During the CIRP's pendency, the sole COC member, Punjab National Bank (PNB), sent an approval letter for an OTS proposed by the Corporate Debtor, PPagro India Private Limited. A Committee of Creditors meeting was convened on March 31, 2023, where the sole COC member, holding 100% voting rights, assented to the withdrawal of the CIRP.

## Facts

M/s PPagro India Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the Resolution Professional Mr. Kamal Kumar Jain. Punjab National Bank (PNB) was the sole member of the Committee of Creditors (COC). During the pendency of the CIRP, PNB sent an approval letter for a One-Time Settlement (OTS) proposed by PPagro India Private Limited, the Corporate Debtor. A COC meeting was held on March 31, 2023, where PNB, holding 100% voting rights, assented to the withdrawal of the CIRP. The Resolution Professional, Mr. Kamal Kumar Jain, confirmed via email that he had received the entire CIRP cost. This confirmation is crucial as it ensures that the RP's expenses are covered before the CIRP is withdrawn. The applicant sought to

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## Issues and analysis

### Issue 1: Whether the ongoing Corporate Insolvency Resolution Process (CIRP) against M/s PPagro India Pvt. …

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

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**Reasoning:** The court considered that the sole COC member, Punjab National Bank, holding 100% voting

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP, emphasizing the

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**Application:** In this case, the sole COC member's consent, coupled with the OTS proposal and

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** PPagro India Pvt.…
- **Respondents:** PPagro India…
- **Advocates:** Amol…; Nitesh Shri…; +1 more

## Timeline

- **2023-03-31 — Committee of Creditors…**: A Committee of Creditors meeting was convened where the sole COC member, Punjab National…
- **2023-04-12 — Order Da…**: The court granted permission to withdraw the CIRP and dismissed CP No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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