# In the matter of Ramakrishna Housing Private Limited

> NCLT judgment dated 2024-08-23. Citation: TCN-2024-NCLT-00759. The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC,…

- **Court:** NCLT
- **Order date:** 23 Aug 2024
- **Citation:** TCN-2024-NCLT-00759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ramakrishna-housing-private-limited-bddc2c0b

## Summary

### Background

The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Ramakrishna Housing Private Limited, discharge of the IRP, and removal of the corporate debtor's 'Under Corporate Insolvency Resolution Process' status from the MCA website, following a settlement between the parties.

## Facts

M/s. Shriram City Union Finance Limited, a financial creditor, initiated a Corporate Insolvency Resolution Process ( CIRP ) against Ramakrishna Housing Private Limited, the corporate debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. This application, CP(IB)/08/07/AMR/2020, was admitted by the Tribunal on October 28, 2022, and Mr. Sriram Parthasarathy was appointed as the Interim Resolution Professional (IRP). Following the admission of the CIRP, one of the suspended directors of the corporate debtor, Mr. Kokku Prabhu Venkata Anjani Kumar, filed an appeal, Company Appeal (AT) (Insolvency) No. 397 of 2022, before the National Company Law Appellate Tribunal (NCLAT), Chennai Bench. On November 14, 2022, the NCLAT issued an

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## Issues and analysis

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

**Ratio:** An application for withdrawal of CIRP under Section 12A of the IBC, 2016, can be allowed

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**Reasoning:** The Tribunal noted that the parties had settled the dispute, and the financial creditor

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**Interpretation:** The Tribunal interpreted Section 12A of the IBC, 2016, in conjunction with

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

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Kokku Prabhu…; Sriram Parthasarat…; +1 more
- **Respondents:** Ramakrishna…
- **Advocates:** Raja Sekhar Rao…; B. Ravi…

## Timeline

- **October 28, 2022 — CIRP Admi…**: The Tribunal admitted CP(IB)/08/7/AMR/2020, initiating CIRP against Ramakrishna Housing…
- **November 14, 2022 — NCLAT Interi…**: The NCLAT issued an interim direction deferring the constitution of 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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