# In the matter of Overseas Infrastructure Alliance (India) Private Limited IA-3827-2022 in C.P. (IB)-500(MB)2020

> NCLT judgment dated 2022-12-20. Citation: TCN-2022-NCLT-00093. The case involves an application (I.A. 3827 of 2022) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 20 Dec 2022
- **Citation:** TCN-2022-NCLT-00093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/overseas-infrastructure-alliance-india-private-limited-ia-3827-2022-in-cp-ib-500-aa2e2b5a

## Summary

### Background

The case involves an application (I.A. 3827 of 2022) filed by the Interim Resolution Professional (IRP), Ms. Geeta Toraskar, under Section 12A r.w. Regulation 30A, seeking withdrawal of the main Company Petition No. C.P. (IB)/500(MB)2020. This withdrawal is sought due to a settlement reached between the Operational Creditor/Petitioner and the Corporate Debtor. The Operational Creditor, Supreme & Company Private Limited, has received Rs. 19,00,000/- from the Corporate Debtor, Overseas Infrastructure Alliance (India) Pvt. Ltd., as a full and final settlement.

## Facts

The Operational Creditor, Supreme & Company Private Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Overseas Infrastructure Alliance (India) Pvt. Ltd. Subsequently, a settlement was reached between the parties. As part of the settlement, the Corporate Debtor paid Rs. 19,00,000/- to the Operational Creditor as a full and final settlement. Following the settlement, the IRP, Ms. Geeta Toraskar, filed an application (I.A. 3827 of 2022) under Section 12A r.w. Regulation 30A seeking withdrawal of the CIRP. The Operational Creditor also submitted Form-FA dated 12.12.2022 for withdrawal of CIRP process. The expenses incurred by the IRP, including professional fees, were already paid. The relevance of these facts lies in

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A r.w. Regulation 30A should be …

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

…

**Reasoning:** The NCLT reasoned that the settlement between the Operational Creditor and the Corporate

…

**Interpretation:** Section 12A and Regulation 30A are interpreted to facilitate settlements

…

**Application:** In this case, the ratio and reasoning were applied to the specific facts where

…

## Parties

- **Judges:** ANURADHA SANJAY…; Kuldip Kumar…
- **Respondents:** Overseas Infrastru…

## Timeline

- **2022-12-12 — Operational Creditor…**: The Operational Creditor submitted…
- **2022-12-06 — CIRP Orde…**: CIRP order passed by…

## 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)

---

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/overseas-infrastructure-alliance-india-private-limited-ia-3827-2022-in-cp-ib-500-aa2e2b5a