# In the matter of LA Residentia Developers Pvt. Ltd. IA-2853-2022 in IB-188-(ND)-2020

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-02199. The case involves an application (IA-2853/2022) in the matter of Singhal Pipers Pvt Ltd. Vs.…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-02199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/la-residentia-developers-pvt-ltd-ia-2853-2022-in-ib-188-nd-2020-07da5a15

## Summary

### Background

The case involves an application (IA-2853/2022) in the matter of Singhal Pipers Pvt Ltd. Vs. LA- Residentia Developers Pvt Ltd. The applicant seeks closure of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016. The application has been moved on behalf of the Suspended Board of Directors, instead of the Interim Resolution Professional (IRP).

## Facts

Singhal Pipers Pvt Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against LA- Residentia Developers Pvt Ltd. An application (IA-2853/2022) has been filed seeking the closure of the CIRP under Section 12A of the IBC 2016. The application was filed by the Suspended Board of Directors, not the Interim Resolution Professional (IRP). The IRP, Mr. Naveen Kumar, is allegedly not cooperating in the filing of the application and has been made a respondent. The court has ordered notice to be served to the IRP and scheduled the matter before the Regular Bench on 05.07.2022. The case is being heard in the National Company Law Tribunal (NCLT), New Delhi, Court-III (Vacation Bench).

## Issues and analysis

### Issue 1: Whether the application for closure of CIRP under Section 12A of the IBC 2016 can be approved based …

**Ratio:** Section 12A of the IBC 2016 allows for the withdrawal of CIRP with the approval of 90% of

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**Reasoning:** The court needs to determine if the Suspended Board of Directors has the authority to

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**Interpretation:** The interpretation of Section 12A involves understanding the roles of the IRP

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**Application:** In this specific case, the court will examine the reasons why the Suspended

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** Singhal Pipers…
- **Respondents:** La Residentia…

## Timeline

- **2022-06-17 — Order Del…**: Order delivered on…
- **2022-07-05 — Matter Listed Before…**: The matter is listed before 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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