# In the matter of Parveen Travels Private Limited

> NCLT judgment dated 2024-07-31. Citation: TCN-2024-NCLT-00910. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 31 Jul 2024
- **Citation:** TCN-2024-NCLT-00910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parveen-travels-private-limited-0576b64b

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Parveen Travels Private Limited. The CIRP was initially triggered by an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Shriram Finance Limited. The Corporate Debtor was admitted into CIRP on 31.05.2024. Subsequently, the suspended directors of Parveen Travels Private Limited approached the Financial Creditor for a settlement. The Financial Creditor accepted the settlement proposal and sent an email dated 28.06.2024, attaching a letter dated 27.06.2024, requesting the Applicant to withdraw the subject Application.

## Facts

Parveen Travels Private Limited faced a Corporate Insolvency Resolution Process (CIRP) initiated by Shriram Finance Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP commenced on 2024-05-31. Madurai Sundaram Sankar was appointed as the Resolution Professional (RP). The RP took charge of the Corporate Debtor's management and made a public announcement on 2024-06-04, advertising Form A in 'The Times of India' and 'Hindu Tamil' newspapers, calling for claims from creditors. Several financial and operational creditors submitted their claims. The suspended directors of Parveen Travels Private Limited then approached Shriram Finance Limited for a settlement. Shriram Finance Limited accepted the settlement proposal and requested the withdrawal of

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the IBC allows the Adjudicating Authority to permit the withdrawal of an

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**Reasoning:** The court considered the provisions of Section 12A of the IBC, which explicitly allows

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**Interpretation:** Section 12A provides a mechanism for parties to resolve disputes and withdraw

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**Application:** In this case, the Financial Creditor, Shriram Finance Limited, filed Form FA to

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Respondents:** Parveen Travels…
- **Advocates:** P.Elayara…

## Timeline

- **2024-05-31 — CIRP Init…**: CIRP initiated against Parveen Travels Private Limited based on Section 7 application by…
- **2024-06-04 — Public Annou…**: Public announcement made in 'The Times of India' and 'Hindu Tamil' newspapers, calling…

## 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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