# In the matter of Monica Broadcasting Pvt. Ltd. IA No. 440 of 2022 in Company Petition IB-47-9-HDB-2022

> NCLT judgment dated 2022-05-13. Citation: TCN-2022-NCLT-02757. The case involves a Company Petition (IB/47/9/HDB/2022) filed for the initiation of Corporate…

- **Court:** NCLT
- **Order date:** 13 May 2022
- **Citation:** TCN-2022-NCLT-02757
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monica-broadcasting-pvt-ltd-ia-no-440-of-2022-in-company-petition-ib-47-9-hdb-20-73097f3c

## Summary

### Background

The case involves a Company Petition (IB/47/9/HDB/2022) filed for the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The CIRP was initially admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, an application (IA No.468 of 2022) was filed by the IRP seeking leave to withdraw the CIRP based on a settlement between the Corporate Debtor and the Financial Creditor.

## Facts

A Company Petition (IB/47/9/HDB/2022) was filed to initiate CIRP against a Corporate Debtor. The CIRP was admitted, and an IRP was appointed on 29.04.2022. The IRP then filed IA No.468 of 2022 seeking to withdraw the CIRP due to a settlement reached between the Corporate Debtor and the Financial Creditor, formalized in a Settlement Deed dated 10.05.2022. According to the settlement, the Operational Creditor would receive the owed amount in three installments via post-dated cheques. D. Suneela Reddy signed the Deed of Settlement on behalf of the Operational Creditor, and M. Vamsi Krishna signed on behalf of the Corporate Debtor. IA No.440 of 2022 was not pressed by the petitioner's counsel. An interim direction issued on 05.05.2022 was vacated.

## Issues and analysis

### Issue 1: Whether the IA filed by the IRP for withdrawal of CIRP should be allowed based on the settlement …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

…

**Reasoning:** The court considered the settlement deed and the IRP's request for withdrawal. The court

…

**Interpretation:** Section 12A provides a mechanism for CIRP withdrawal when parties mutually

…

**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** D. Suneela…
- **Respondents:** Monica Broadcastin…

## Timeline

- **2022-04-29 — CIRP Ord…**: CIRP was ordered against the Corporate…
- **2022-05-05 — Interim Directi…**: Interim direction was…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monica-broadcasting-pvt-ltd-ia-no-440-of-2022-in-company-petition-ib-47-9-hdb-20-73097f3c