# In the matter of Mars Remedies Pvt. Ltd.

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00772. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 10 Nov 2023
- **Citation:** TCN-2023-NCLT-00772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mars-remedies-pvt-ltd-5b1ee42a

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Mars Remedies Pvt Ltd. The CIRP was initiated on 2023-11-01, and Sunil Kumar Kabra was appointed as the IRP. Before the CIRP could proceed, the applicant was approached by the Corporate Debtor for an amicable settlement. The Financial Creditor filed Form-FA indicating their willingness to settle.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Mars Remedies Pvt Ltd on 2023-11-01. Sunil Kumar Kabra was appointed as the Interim Resolution Professional (IRP). Before the CIRP could proceed, the Corporate Debtor approached the IRP for an amicable settlement. The Financial Creditor filed Form-FA dated 2023-10-26, indicating their willingness to withdraw the main application. The IRP filed an application under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the CIRP. The Tribunal noted that there was no pending litigation in any other forum/higher court against the IBC process initiated by the applicant against the Corporate Debtor. The IRP should have filed the application within 3 days of receipt of application for

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** The Hon'ble Supreme Court in Abhishek Singh Vs Huhtamaki Ppl Ltd & Another 2023 SCC

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**Reasoning:** The court considered the submissions made by the applicant/IRP and the averments

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of

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**Application:** In this case, the Financial Creditor has filed Form-FA indicating their

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Sunil K…
- **Respondents:** Mars Remedies Pvt…; Vrundavan…

## Timeline

- **2023-11-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-10-16 — CIRP Orde…**: Order for CIRP against…

## 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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