# In the matter of Jet Granito Pvt. Ltd. – IA 567 of 2022 In CP(IB) 518 of 2019

> NCLT judgment dated 2022-07-07. Citation: TCN-2022-NCLT-01821. An application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016,…

- **Court:** NCLT
- **Order date:** 7 Jul 2022
- **Citation:** TCN-2022-NCLT-01821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jet-granito-pvt-ltd-ia-567-of-2022-in-cpib-518-of-2019-53f5d995

## Summary

### Background

An application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main IB application. The initiation of the Corporate Insolvency Resolution Process (CIRP) order had been passed on June 23, 2022. The parties had entered into a settlement by executing a settlement deed on June 28, 2022, and Form-FA, also dated June 28, 2022, was annexed with the application. The IRP stated that the public announcement had not yet been made, no claims had been received, and no Committee of Creditors (CoC) had been constituted. The IRP had not taken any further steps to take possession of assets and documents of the corporate debtor.

## Facts

Mateshwari Minerals, through its proprietor Piyush Bangar, filed an application against Jet Granito Pvt Ltd. An application was filed under Section 12A of the IBC seeking withdrawal of the main IB application after the initiation of CIRP order on 23.06.2022. The parties entered into a settlement by executing a settlement deed on 28.06.2022. The IRP stated that the public announcement was not yet made, no claims were received, and no CoC was constituted. The IRP had not taken any further steps to take possession of assets and documents of the corporate debtor. The application CP (IB) 518 of 2019 was for CIRP initiation.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court considered the settlement deed executed between the parties on 28.06.2022 and

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, since the CIRP was at an early stage with no public announcement,

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Mateshwari…
- **Respondents:** Jet Granito Pvt…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) 518 of 2019 was…
- **2022-06-23 — CIRP Order…**: Initiation of CIRP…

## 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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