# In the matter of Maxpro Homecare Products Private Limited

> NCLT judgment dated 2023-08-29. Citation: TCN-2023-NCLT-01872. The case involves an application filed by Mr. Girish Siriram Juneja, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 29 Aug 2023
- **Citation:** TCN-2023-NCLT-01872
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maxpro-homecare-products-private-limited-980cf7f2

## Summary

### Background

The case involves an application filed by Mr. Girish Siriram Juneja, the Interim Resolution Professional, seeking withdrawal of the Company Petition under Rule 11 of the National Company Law Tribunal Rules, 2016, read with Regulation 30(A) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Company Petition was admitted to CIRP vide order dated 25.07.2023. Subsequently, the parties settled the debt claimed in default by a settlement agreement. The CoC has not been constituted.

## Facts

Mr. Girish Siriram Juneja, the Interim Resolution Professional (IRP), filed an application seeking the withdrawal of the Company Petition. The initial Company Petition was admitted to CIRP on 2023-07-25. Subsequent to the admission, the involved parties reached a settlement regarding the debt claimed to be in default. The financial creditor submitted Form-FA dated 2023-08-18 for the withdrawal of the CIRP process. The Committee of Creditors (CoC) had not been constituted at the time of the settlement. The application was filed under Rule 11 of the National Company Law Tribunal Rules, 2016, read with Regulation 30(A) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Issues and analysis

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

**Ratio:** The legal principle applied is that if parties involved in a CIRP reach a settlement, the

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**Reasoning:** The court reasoned that since the parties had settled the debt claimed in default and the

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. PRABHAT…; SH. VIRENDRASINGH…
- **Appellants:** ANANT PLASTICS…
- **Respondents:** MAXPRO HOMECARE…

## Timeline

- **2023-07-25 — CIRP Admi…**: The Company Petition…
- **2023-08-18 — Form-FA Sub…**: The Financial creditor submitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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