# In the matter of Platinum Holding Pvt. Ltd. IA(IBC)-272(CHE)2023 in CP(IB)-46(CHE)2022

> NCLT judgment dated 2023-02-16. Citation: TCN-2023-NCLT-04577. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLT-04577
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/platinum-holding-pvt-ltd-iaibc-272che2023-in-cpib-46che2022-f2119d7a

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against a corporate debtor. The applicant was admitted to CIRP after contentious arguments. Subsequently, an operational creditor who had filed CP(IB)/46(CHE)2022 requested the IRP to initiate withdrawal proceedings due to a settlement reached between the operational creditor and the corporate debtor. The court noted that the IBC process appeared to have been used to recover dues.

## Facts

The applicant was admitted into the CIRP process after arguments. An operational creditor, who had initiated CP(IB)/46(CHE)2022, requested the IRP to initiate withdrawal proceedings following a settlement with the corporate debtor. The court observed that the IBC process appeared to have been used to recover dues. The application for withdrawal was IA(IBC)/272(CHE)2023. The court ordered the dismissal of CP(IB)/46(CHE)2022 subject to a payment of Rs. 3,00,000 to the Prime Minister's National Relief Fund. The IRP was released from their assignment, and the company was permitted to operate through its Board of Directors.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under IA(IBC)/272(CHE)2023 should be allowed …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of IBBI Regulations, allows for the

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**Reasoning:** The court considered the settlement reached between the operational creditor and the

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

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**Application:** Given the settlement between the operational creditor and the corporate debtor,

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## Parties

- **Judges:** Sh. Ashok Kumar…; Shri. Samee…
- **Appellants:** R.Raghavendran…

## Timeline

- **2023-02-16 — Hearing…**: Hearing held on 16-02-2023 at 2.30…
- **2023-03-14 — Complianc…**: List for compliance on…

## 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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