# In the matter of Shah Group Builders & Infraprojects Limited IA 1787-2022 in C.P. (IB)-937(MB)2021

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-01860. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-01860
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shah-group-builders-infraprojects-limited-ia-1787-2022-in-cp-ib-937mb2021-13cd42c7

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (I&B Code) read with the NCLT Rules, 2016 and regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Company Petition was admitted on 06.06.2022.

## Facts

The Interglobe Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Shah Group Builders & Infraprojects Limited. The Company Petition was admitted on 06.06.2022. Subsequently, the Petitioner and Corporate Debtor amicably settled the matter for an amount of Rs.55.00 Lakhs. The fees and expenses of the Interim Resolution Professional (IRP) were paid in full. An application was filed under Section 12A of the I&B Code for withdrawal of the CIRP. The court convened through video conference. The IRP also filed form FA.

## Issues and analysis

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

**Ratio:** Section 12A of the I&B Code and regulation 30A of the Insolvency and Bankruptcy Board

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**Reasoning:** The court noted that the Petitioner and Corporate Debtor had amicably settled the matter,

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if certain conditions

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**Application:** Since the Petitioner and Corporate Debtor had settled the matter, and the IRP

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Interglobe…
- **Respondents:** Shah Group…
- **Advocates:** Prachi Wa…

## Timeline

- **2022-06-06 — Admission of Company…**: The Company Petition was…
- **2022-07-06 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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