# In the matter of Perambra Coconut Producer Company Ltd. IA(IBC)-165-KOB-2022 in CP(IB)-1-KOB-2022

> NCLT judgment dated 2022-07-13. Citation: TCN-2022-NCLT-01746. The application IA(IBC)/165/KOB/2022 was filed under Section 12A of the IBC by the Resolution…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01746
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/perambra-coconut-producer-company-ltd-iaibc-165-kob-2022-in-cpib-1-kob-2022-2d6351dd

## Summary

### Background

The application IA(IBC)/165/KOB/2022 was filed under Section 12A of the IBC by the Resolution Professional (RP) seeking withdrawal of the IB Application filed by the Operational Creditor. The RP stated that the CIRP Order was passed on 2022-04-28, and the Committee of Creditors (CoC) was constituted on 2022-05-17. The first meeting of the CoC was held on 2022-05-30, during which the IRP was confirmed as RP.

## Facts

An application, IA(IBC)/165/KOB/2022, was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking the withdrawal of the initial IB application filed by the Operational Creditor. The Corporate Insolvency Resolution Process (CIRP) order had been passed on 2022-04-28, and the Committee of Creditors (CoC) was formed on 2022-05-17. The first CoC meeting occurred on 2022-05-30, confirming the Interim Resolution Professional (IRP) as the RP. Settlement negotiations between the parties began in June 2022, leading to the signing of Form FA, which was then presented to the CoC for approval to withdraw the IB application. The CoC approved the withdrawal on 2022-07-04 with unanimous (100%) voting. The RP appeared in person,

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the IB application under Section 12A of the IBC should be …

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

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**Reasoning:** The court considered the submission of the Resolution Professional (RP), the documents

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes amicably

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**Application:** In this case, the settlement talks between the parties resulted in the signing

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Respondents:** PERAMBRA COCONUT…

## Timeline

- **2022-04-28 — CIRP Order…**: The Corporate Insolvency Resolution…
- **2022-05-17 — CoC Const…**: The Committee of…

## 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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