# In the matter of Innowave IT Infrastructures Limited

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-00239. The case involves an application (IA 1600/2025) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-00239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innowave-it-infrastructures-limited-535b8d9f

## Summary

### Background

The case involves an application (IA 1600/2025) filed by the Interim Resolution Professional (IRP) under Section 12 A of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on 2025-03-24 for a total operational debt of Rs. 3.00 Cr, comprising of Rs. 2.68 Cr as principal. The applicant's counsel submits that on the same day, Rs. 268,19,688/- was paid, and the operational creditor acknowledged this payment via email. A confirmation email stated that full payment of Rs. 2,68,19,689/- was received and credited, and the operational creditor agreed to withdraw the application. The IRP filed the application with Form FA as mandated under Regulations 30(A) of the IBBI Regulations.

## Facts

Genesys International Corporation Limited was facing CIRP initiated by Innowave IT Infrastructures Limited for an operational debt of Rs. 3.00 Cr, with Rs. 2.68 Cr being the principal amount. The CIRP was initiated on 2025-03-24. However, on the same day, Genesys International Corporation Limited paid Rs. 268,19,688/- to Innowave IT Infrastructures Limited, which was acknowledged via email. A confirmation email also stated that the full payment of Rs. 2,68,19,689/- was received, and Innowave IT Infrastructures Limited agreed to withdraw the CIRP application. The Interim Resolution Professional (IRP) then filed an application (IA 1600/2025) under Section 12A of the IBC, along with Form FA as mandated by IBBI Regulations, to withdraw the CIRP. No Committee of Creditors

…

## Issues and analysis

### Issue 1: Whether the application filed by the IRP under Section 12A of the IBC for withdrawal of CIRP should …

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

…

**Reasoning:** The court reasoned that since the operational creditor received full payment and agreed

…

**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP if

…

**Application:** In this case, the operational creditor received full payment on the same day

…

## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Respondents:** Genesys Internatio…

## Timeline

- **2025-03-24 — CIRP Init…**: Corporate Debtor (CD) admitted into CIRP…
- **2025-03-24 — Payment by Corporate…**: Rs. 268,19,688/- paid to…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innowave-it-infrastructures-limited-535b8d9f