# 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-00556. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00556
- **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-374-2020-35ccf3c7

## 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 the settlement offer submitted by the Corporate Debtor in their meeting held on 06.06.2022. The original applicant, M/s Mayura's Industrial Services, on whose behalf the CIRP was initiated, was present during the hearing.

## 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. The original applicant was M/s Mayura's Industrial Services. The Committee of Creditors (CoC) held a meeting on 06.06.2022 and accepted the settlement offer made by the erstwhile Directors of the Corporate Debtor. The amount payable to the Operational Creditor (OC), as per the order dated 16.03.2022, was Rs.1,86,389/-, which the OC confirmed to have received. The Resolution Professional (RP) 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 minutes of the CoC meeting and the Settlement

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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 considered the averments in the application by the RP, the approval of the CoC

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the CoC approved the settlement offer, and the Operational

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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 Da…**: Order dated 16.03.2022, stating the amount payable to the Operational Creditor (OC) was…

## 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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