# In the matter of Madhucon Infra Limited IA(IBC) 421-2022 in CP (IB) No. 101-9-HDB-2019

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02967. The case involves an application (IA 421/2022) filed in CP (IB) No. 101/9/HDB/2019 seeking…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02967
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/madhucon-infra-limited-iaibc-421-2022-in-cp-ib-no-101-9-hdb-2019-956f8ad3

## Summary

### Background

The case involves an application (IA 421/2022) filed in CP (IB) No. 101/9/HDB/2019 seeking withdrawal of the main Corporate Insolvency Resolution Process (CIRP). The application states that the parties have settled the matter. The CIRP was initially ordered against Madhucon Infra Limited.

## Facts

M/s. Equiruscapital Pvt Ltd, the Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Madhucon Infra Limited, the Corporate Debtor. An application (IA 421/2022) was filed under Section 12 A of the Code seeking withdrawal of the main CP, stating that the parties have settled the matter. The IRP's counsel submitted that the last date for receipt of claims mentioned in the Public Announcement was 03.05.2022, and no claims were received by the IRP. The CIRP was ordered on 22.04.2022 in CP (IB) No. 101/9/HDB/2019.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the settlement …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of a

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**Reasoning:** The court considered the application filed under Section 12A of the Code, stating that

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the parties represented by the Operational Creditor and the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** M/s. Equiruscapita…
- **Respondents:** Madhucon Infra…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No. 101/9/HDB/20…
- **2022-04-22 — CIRP Ord…**: CIRP was ordered 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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