# In the matter of Indira Container Terminal Private Limited

> NCLT judgment dated 2025-04-01. Citation: TCN-2025-NCLT-00281. The case involves an Interlocutory Application (IA) filed by Canara Bank, the Applicant,…

- **Court:** NCLT
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-NCLT-00281
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indira-container-terminal-private-limited-931bd811

## Summary

### Background

The case involves an Interlocutory Application (IA) filed by Canara Bank, the Applicant, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Indira Container Terminal Private Limited. The CIRP was initially triggered by an order dated 2024-05-09. The Promoter of the Corporate Debtor filed an appeal before the NCLAT to set aside the admission order. During the proceedings, an interim injunction was granted, halting the CIRP. Subsequently, lenders, including the Financial Creditor, approved a One-Time Settlement (OTS).

## Facts

Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Indira Container Terminal Private Limited, which was admitted on 2024-05-09. The Corporate Debtor's promoter appealed to NCLAT, which granted an interim injunction, halting the CIRP and deferring the formation of the Committee of Creditors (CoC). Subsequently, Canara Bank and other lenders approved a One-Time Settlement (OTS) with the Corporate Debtor. The Corporate Debtor, its Promoter (AJR Infra and Tolling Limited), and the Investor (United Ports Services Private Limited) executed the OTS agreement on 2024-12-18. Canara Bank, along with other lenders, received the full settlement amount and issued a No Objection/No Due Certificate. Canara Bank then filed an Interlocutory Application seeking

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application for withdrawal of the Corporate Insolvency Resolution Process …

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

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**Reasoning:** The court reasoned that since the CoC was not formed due to the interim injunction, the

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**Interpretation:** Section 12A is interpreted to provide a mechanism for withdrawal of CIRP even

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Indira Container…

## Timeline

- **2024-05-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Indira Container…
- **2024-01-01 — Appeal to…**: The Promoter of the Corporate Debtor filed an appeal before the NCLAT to set aside the…

## 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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