# In the matter of OHIO Cardiology Associates Pvt. Ltd. IA(I.B.C)-447(KB)2022 in C.P. (IB)-1053(KB)2019

> NCLT judgment dated 2022-05-23. Citation: TCN-2022-NCLT-02671. The case involves an application (I.A. 447/KB/2022) filed by Mr. Sumit Kumar Jain, the Interim…

- **Court:** NCLT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLT-02671
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ohio-cardiology-associates-pvt-ltd-iaibc-447kb2022-in-cp-ib-1053kb2019-41c2c0e0

## Summary

### Background

The case involves an application (I.A. 447/KB/2022) filed by Mr. Sumit Kumar Jain, the Interim Resolution Professional (IRP) appointed against the Corporate Debtor, Ohio Cardiology Associates Pvt Ltd, seeking recall of the order dated 05/05/2022, which initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The basis for seeking the recall is a settlement reached between the parties.

## Facts

An application was filed by the Interim Resolution Professional (IRP), Mr. Sumit Kumar Jain, who was appointed for Ohio Cardiology Associates Pvt Ltd. The IRP sought the recall of the order dated 05/05/2022, which had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The reason for seeking the recall was a settlement reached between the involved parties. Importantly, no Committee of Creditors (CoC) had been formed. The court considered the application under Section 12A of the IBC.

## Issues and analysis

### Issue 1: Whether the order dated 05/05/2022 initiating CIRP against the Corporate Debtor should be recalled …

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

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**Reasoning:** The court considered the settlement between the parties and the fact that no Committee of

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP, primarily when a CoC is

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**Application:** Given the settlement and the absence of a CoC, the court applied the principle

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Modern Su…
- **Respondents:** Ohio Cardiology…

## Timeline

- **2022-05-05 — Order for CIRP…**: An order was issued initiating the Corporate Insolvency Resolution Process (CIRP) against…
- **2022-05-23 — Hearing…**: Hearing on the application…

## 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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