# In the matter of Medall Healthcare Pvt. Ltd. IA(IBC)-503-CHE-2022 in CP(IB)-108-CHE-2021

> NCLT judgment dated 2022-05-13. Citation: TCN-2022-NCLT-02765. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLT-02765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/medall-healthcare-pvt-ltd-iaibc-503-che-2022-in-cpib-108-che-2021-29d6fe82

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Medall Health Care Private Limited. The CIRP was initiated based on a petition CP(IB)/108/CHE/2021, and Venkataraman Subramanian was appointed as the Interim Resolution Professional (IRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Medall Health Care Private Limited based on petition CP(IB)/108/CHE/2021, and Venkataraman Subramanian was appointed as the Interim Resolution Professional (IRP). After the CIRP initiation order dated 2022-05-02, the Operational Creditor and the Corporate Debtor reached a mutual agreement for a full and final settlement. The Operational Creditor made a payment via RTGS with UTR No. RTGS/SK/UTIBR52022050400357941/074/PRANAV/INDIAN. The Operational Creditor submitted Form FA dated 2022-05-04 for withdrawal of the application. No expenses were incurred from the date of CIRP initiation, except for legal expenses borne by the Operational Creditor. The IRP filed an application IA(IBC)/503/CHE/2022 for

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP(IB)/108/CHE/2021 under Section 12A of the IBC, 2016, …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered that the Operational Creditor and the Corporate Debtor had reached a

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawal of CIRP

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**Application:** Since the Operational Creditor and the Corporate Debtor reached a settlement,

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** Venkataraman…
- **Respondents:** Medall Health…; Pranav…

## Timeline

- **2021-01-01 — CP(IB)/108/CHE/2021…**: Corporate Insolvency Resolution Process (CIRP) initiated against Medall Health Care…
- **2022-05-02 — CIRP Admissio…**: Order passed admitting CP(IB)/108/CHE/2021, initiating CIRP against Medall Health Care…

## 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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