# In the matter of Prodeb Brewary Technology Belgium Pvt. Ltd. IA(IBC)-594 & 676(CHE)-2022 in IBA-374-2020

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00562. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prodeb-brewary-technology-belgium-pvt-ltd-iaibc-594-676che-2022-in-iba-374-2020-0ce51f0a

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Prodeb Brewery Technology Belgium Pvt Ltd. The CIRP was initiated based on a petition filed under Section 9 of the IBC, 2016. The Committee of Creditors (CoC) approved a settlement offer from the Corporate Debtor in their meeting held on 06.06.2022, leading to the application for withdrawal under Section 12A of the IBC, 2016.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Prodeb Brewery Technology Belgium Pvt Ltd based on a petition filed under Section 9 of the IBC, 2016. M/s Mayura's Industrial Services was the original applicant on whose behalf the CIRP was initiated. The Committee of Creditors (CoC) held its third meeting on 06.06.2022 and accepted the settlement offer made by the erstwhile Directors of the Corporate Debtor. The Operational Creditor (OC) was owed Rs. 1,86,389/-, which was confirmed to have been received. The RP, Mr.S.R.Shriram Shekher, filed an application under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP. The CoC approved the withdrawal in its meeting held on 06.06.2022. The relevance of these facts lies in demonstrating the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of CIRP with the approval of 90%

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**Reasoning:** The court reasoned that the CoC had approved the settlement offer in its meeting held on

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**Interpretation:** Section 12A is interpreted as a mechanism to encourage settlements and

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**Application:** In this case, the CoC's approval of the settlement offer, coupled with the RP's

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## Parties

- **Judges:** DEEPTI M…; Shri. Samee…
- **Appellants:** M/s Mayura's…
- **Respondents:** Prodeb Brewery…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.IBA/374/2020…
- **2022-03-16 — Order for CIRP…**: Order dated 16.03.2022 initiated the…

## 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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