# 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-03345. An application was filed under Section 12A of the IBC by the IRP, who was appointed vide order…

- **Court:** NCLT
- **Order date:** 6 Apr 2022
- **Citation:** TCN-2022-NCLT-03345
- **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-2019-070bdd22

## Summary

### Background

An application was filed under Section 12A of the IBC by the IRP, who was appointed vide order dated 04.03.2022, to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The parties involved amicably settled the matter through 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 initiated Corporate Insolvency Resolution Process (CIRP) against Sanskrut Jewel Residency LLP. The IRP filed an application under Section 12A of the IBC for withdrawal of the CIRP, based on an amicable settlement between the parties as per a settlement deed dated 22.03.2022. The IRP received intimation of the settlement on 23.03.2022. The corporate debtor sought indulgence without taking responsibility on behalf of the corporate debtor LLP. The matter was settled after the admission order in CIRP, with an agreement to pay Rs. 9 crore, including a down payment of Rs. 50 lakhs. The application for withdrawal was filed in compliance with Regulation 30A(3). The tribunal allowed the withdrawal but imposed a penalty of Rs. 10,000 to be paid

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP upon the satisfaction of certain

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**Reasoning:** The tribunal considered the settlement deed dated 22.03.2022, the intimation received by

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**Interpretation:** Section 12A and Regulation 30A(3) are interpreted to allow for the withdrawal

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**Application:** In this case, the parties had settled the matter, and the IRP filed 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 Da…**: Order issued appointing…
- **2022-03-22 — Settlemen…**: Parties amicably settled the…

## 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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