# In the matter of KIran Udyog Pvt. Ltd. IB-813-ND-2020

> NCLT judgment dated 2022-01-20. Citation: TCN-2022-NCLT-04401. The case involves an application under Section 12A and Section 60(5) of the IB Code, 2016, read…

- **Court:** NCLT
- **Order date:** 20 Jan 2022
- **Citation:** TCN-2022-NCLT-04401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kiran-udyog-pvt-ltd-ib-813-nd-2020-5d0da212

## Summary

### Background

The case involves an application under Section 12A and Section 60(5) of the IB Code, 2016, read with Regulation 30A of the IBBI (IRP for CP) Regulations, 2016, seeking the withdrawal of an application filed by the Operational Creditor, supported by an affidavit. The application under Section 9 of the IB Code, 2016, bearing CP No. (IB)-813(ND)/2021, was filed against the Corporate Debtor, Kiran Udyog Pvt. Ltd.

## Facts

An application was filed under Section 9 of the IB Code, 2016, against Kiran Udyog Pvt. Ltd. The Operational Creditor subsequently sought to withdraw the application under Section 12A and Section 60(5) of the IB Code, 2016, read with Regulation 30A of the IBBI (IRP for CP) Regulations, 2016, based on a settlement reached between the parties. The application was supported by an affidavit. The Adjudicating Authority had previously commenced CIRP against the Corporate Debtor via an order dated 2021-12-14. The Resolution Professional was functioning as the IRP for the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application filed under Section 9 of the IB Code …

**Ratio:** Section 12A of the IB Code and Regulation 30A of the IBBI (IRP for CP) Regulations allow

…

**Reasoning:** The court considered the submissions of the counsels for the Resolution Professional,

…

**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications when a

…

**Application:** The court applied Section 12A and Regulation 30A to the facts, noting the

…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Jaycee…
- **Respondents:** M/s. Kiran Udyog…

## Timeline

- **2021-12-14 — CIRP Commen…**: CIRP commenced against the Corporate Debtor…
- **2022-01-20 — Order Del…**: Order delivered allowing the withdrawal of the application and discharging the Corporate…

## 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)

---

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/kiran-udyog-pvt-ltd-ib-813-nd-2020-5d0da212