# In the matter of Lumiford Pvt. Ltd. IA (IBC) 220-2023 in CP(IB) No.289-9-HDB-2022

> NCLT judgment dated 2023-02-02. Citation: TCN-2023-NCLT-04817. The application was filed seeking leave of the Tribunal to withdraw the CIRP proceedings…

- **Court:** NCLT
- **Order date:** 2 Feb 2023
- **Citation:** TCN-2023-NCLT-04817
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lumiford-pvt-ltd-ia-ibc-220-2023-in-cpib-no289-9-hdb-2022-6e09a339

## Summary

### Background

The application was filed seeking leave of the Tribunal to withdraw the CIRP proceedings ordered against the Corporate Debtor. The Corporate Debtor and the Operational Creditor entered into a settlement and resolved the dispute after the CIRP was triggered. The COC was not constituted by the time of entering into settlement. Form FA has been enclosed at page 12 to the Application. The IRP submitted that post publication of notice, six operational creditors submitted their claims. The leave is sought for withdrawal.

## Facts

Kabamy India LLP, the Operational Creditor, initiated CIRP against Lumiford Pvt Ltd, the Corporate Debtor. After the CIRP was triggered, both parties entered into a settlement to resolve the dispute. The COC was not constituted at the time of settlement. Six operational creditors submitted their claims after the publication of notice. An application was filed seeking leave to withdraw the CIRP proceedings based on the settlement. The IRP supported the withdrawal application. The Tribunal considered the application and the submissions made by the IRP and the counsel for the applicant.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant leave to withdraw the CIRP proceedings based on the settlement …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP proceedings under certain

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**Reasoning:** The Tribunal considered the settlement between the parties and the fact that the COC was

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

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**Application:** In this case, the Tribunal applied Section 12A to allow the withdrawal of CIRP

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Kabamy Ind…
- **Respondents:** Lumiford P…

## Timeline

- **2023-02-02 — Hearing…**: Attendance cum order sheet of the…
- **2022-01-01 — Initiation…**: CIRP initiated against…

## 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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