# In the matter of Qbuilder Sales Pvt. Ltd. IA(I.B.C)-575(KB)2022 in C.P. (IB)-1708(KB)2019

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01951. The case involves an application for withdrawal of the main Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/qbuilder-sales-pvt-ltd-iaibc-575kb2022-in-cp-ib-1708kb2019-617ae411

## Summary

### Background

The case involves an application for withdrawal of the main Corporate Insolvency Resolution Process (CIRP) against Qbuilder Sales Private Limited. The matter was settled between the parties, and no other claims are pending against the Corporate Debtor. The IRP submitted that a public announcement was made in two newspapers, and no claims were received in response. The petitioning operational creditor has also submitted a withdrawal request.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Qbuilder Sales Private Limited. An application was filed under Section 12A of the IBC, 2016, read with regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the main CP due to a settlement between the parties. The IRP made a public announcement on 2022-05-13 in two newspapers, and no claims were received. The petitioning operational creditor submitted Form FA dated 2022-06-06 for withdrawal of the CP. The IRP fees and CIRP costs have been substantially paid, with any remaining amount to be paid within a week. No other claims are pending against the Corporate Debtor.

## 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 an application admitted under

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**Reasoning:** The court considered that the matter had been settled between the parties, no other

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow withdrawal of CIRP when

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**Application:** Given the settlement, absence of other claims, and payment of CIRP costs, the

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** KAPOOR…
- **Respondents:** QBUILDER SALES…

## Timeline

- **2022-05-13 — Public Annou…**: Public announcement was made in two…
- **2022-06-06 — Form FA Re…**: Form FA dated 2022-06-06 was received from the petitioning operational creditor for…

## 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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