# In the matter of Sankrut Jewel Residency LLP IA 313 of 2022 in CP(IB) 402 of 2019

> NCLT judgment dated 2022-04-06. Citation: TCN-2022-NCLT-03350. An application was filed under Section 12A of the IBC by the IRP, who was appointed by order…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sankrut-jewel-residency-llp-ia-313-of-2022-in-cpib-402-of-2019-0593dd39

## Summary

### Background

An application was filed under Section 12A of the IBC by the IRP, who was appointed by order dated 04.03.2022, to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The parties have amicably settled the matter via a settlement deed dated 22.03.2022. Intimation regarding the settlement was received by the IRP on 23.03.2022. The application seeks withdrawal of the IB application in compliance with Regulation 30A(3).

## Facts

Mirambica Infrastructure Pvt Ltd filed an application against Sanskrut Jewel Residency LLP. An IRP was appointed on 04.03.2022 to initiate CIRP. The parties reached a settlement, evidenced by a settlement deed dated 22.03.2022. The IRP received intimation of the settlement on 23.03.2022. An application (IA 313 of 2022) was filed under Section 12A of the IBC, seeking withdrawal of the initial IB application, in compliance with Regulation 30A(3). The corporate debtor, Sanskrut Jewel Residency LLP, was not represented during the hearing, but some partners sought indulgence before the hearing. Despite the indulgence, settlement occurred only after the admission order in CIRP. The corporate debtor agreed to pay Rs. 9 crore, with an initial payment of Rs. 50 lakhs. The

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC and Regulation 30A(3) of the IBBI Regulations allow for the

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**Reasoning:** The court reasoned that the parties had amicably settled the matter, as evidenced by the

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**Interpretation:** Section 12A and Regulation 30A(3) provide a mechanism for parties to resolve

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**Application:** The court applied the provisions of Section 12A and Regulation 30A(3) to the

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Mirambica…
- **Respondents:** Sanskrut Jewel…
- **Advocates:** Arjun Pad…

## Timeline

- **2022-03-04 — Order for IRP…**: Order was issued appointing the IRP to initiate the Corporate Insolvency Resolution…
- **2022-03-22 — Settlemen…**: Parties amicably settled the matter,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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