# In the matter of Sai - Tech Pharmaceuticals Pvt. Ltd.  I.A. 497-2022 in C.P.(IB)-3912(MB)-2019

> NCLT judgment dated 2022-03-01. Citation: TCN-2022-NCLT-03937. The case involves an application (I.A. 497/2022) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 Mar 2022
- **Citation:** TCN-2022-NCLT-03937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sai-tech-pharmaceuticals-pvt-ltd-ia-497-2022-in-cpib-3912mb-2019-09b7cc29

## Summary

### Background

The case involves an application (I.A. 497/2022) filed 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. The Interim Resolution Professional (IRP) filed the application.

## Facts

The Interim Resolution Professional (IRP) filed an application (I.A. 497/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order against the Corporate Debtor. The Committee of Creditors (CoC) resolved to withdraw the CIRP with 100% voting share in its 6th meeting dated 18.02.2022, indicating that the matter was settled. The IRP confirmed that the CIRP costs, including his fees, had been received. The CIRP order was initially passed on 09.09.2021. The application was filed because the parties reached a settlement, making the continuation of the CIRP unnecessary.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP order under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP if

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**Reasoning:** The court reasoned that the CoC's resolution with 100% voting share indicated a

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when a settlement is

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**Application:** In this case, the CoC's unanimous approval and the IRP's confirmation of cost

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Jyoti Polycontaine…
- **Respondents:** Sai Tech Pharmaceu…

## Timeline

- **2021-09-09 — CIRP Order…**: CIRP order was passed…
- **2022-02-18 — CoC Meet…**: The CoC in its 6th 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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