# In the matter of Resource World Exim Private Limited I.A. 959,1679,2079 & 2327-2021 & I.A. 981-2022 in C.P (IB)-982(MB)-2019

> NCLT judgment dated 2022-04-18. Citation: TCN-2022-NCLT-03253. The Interlocutory Application I.A. 981/2022 was filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 18 Apr 2022
- **Citation:** TCN-2022-NCLT-03253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/resource-world-exim-private-limited-ia-95916792079-2327-2021-ia-981-2022-in-cp-i-7b0ed20b

## Summary

### Background

The Interlocutory Application I.A. 981/2022 was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order that was previously passed against the Corporate Debtor. This withdrawal is sought due to a settlement reached between the parties involved.

## Facts

The Interim Resolution Professional (IRP) filed I.A. 981/2022 under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of the CIRP order against the Corporate Debtor due to a settlement. The CoC approved the withdrawal with 100% voting share in its 12th meeting on 07.04.2022. The IRP confirmed receipt of CIRP costs. The CIRP order was initially passed on 19.11.2019. The relevance of these facts is that they demonstrate a settlement was reached and approved by the CoC, justifying the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application I.A. 981/2022, filed by the Interim Resolution Professional …

**Ratio:** The legal principle applied is that a CIRP can be withdrawn if a settlement is reached

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal of the CIRP with a 100%

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code is interpreted to allow for

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** Shri. H. V. Subba…; Chandra Bha…
- **Appellants:** Bank of…
- **Respondents:** Resources World…

## Timeline

- **2019-11-19 — CIRP Ord…**: CIRP order was passed…
- **2022-04-07 — CoC Meet…**: The CoC in its 12th meeting passed a Resolution for withdrawal of the CIRP with 100%…

## 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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