# In the matter of Karvy Data Management Services Limited IA No. 792 of 2021 in CP (IB) No. 31-9-HDB-2020

> NCLT judgment dated 2022-01-12. Citation: TCN-2022-NCLT-04449. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 12 Jan 2022
- **Citation:** TCN-2022-NCLT-04449
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karvy-data-management-services-limited-ia-no-792-of-2021-in-cp-ib-no-31-9-hdb-20-29b8ff79

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Karvy Data Management Services Limited. The CIRP was initiated based on a petition filed by an operational creditor, Adventity Global Services Private Limited. The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to set aside the CIRP order, citing a settlement between the operational creditor and the corporate debtor after the CIRP initiation.

## Facts

The Interim Resolution Professional (IRP) appointed for Karvy Data Management Services Limited filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by Adventity Global Services Private Limited, an operational creditor. After the CIRP initiation, a settlement was reached between Adventity Global Services Private Limited and Karvy Data Management Services Limited. The IRP had issued a public notice inviting claims from creditors. The Tribunal had previously closed company petitions filed against the same corporate debtor, giving the applicants liberty to approach the IRP. The application for withdrawal was filed before

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate …

**Ratio:** The Adjudicating Authority has the power to allow withdrawal of CIRP under Section 12A of

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**Reasoning:** The Tribunal reasoned that Section 12A of the Code and Regulation 30A of CIRP Regulations

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**Interpretation:** Section 12A of the IBC and Rule 11 of the NCLT Rules should be interpreted to

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**Application:** In this case, the Tribunal applied the ratio and reasoning to the specific

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Golla Ramakantha…
- **Respondents:** Karvy Data…; M/s Adventity…

## Timeline

- **2021-11-30 — CIRP Initiati…**: Tribunal order directing initiation of Corporate Insolvency Resolution Process (CIRP)…
- **2021-12-16 — Admission of Ap…**: Admission of 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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