# In the matter of Sorich Foils Limited

> NCLT judgment dated 2023-11-08. Citation: TCN-2023-NCLT-00827. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 8 Nov 2023
- **Citation:** TCN-2023-NCLT-00827
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sorich-foils-limited-105cfd4a

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Sorich Foils Limited. The CIRP was initially initiated against Sorich Foils Limited, with Mr. Lokesh Khadraia appointed as the IRP. However, due to the IRP's inability to renew authorization from the IBBI, Mr. Virendra Maurya was appointed as the new IRP. Before the CIRP could proceed further, the Corporate Debtor approached the Applicant for an amicable settlement. A settlement agreement was reached, and the Corporate Debtor agreed to pay the outstanding dues.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sorich Foils Limited. Mr. Lokesh Khadraia was initially appointed as the Interim Resolution Professional (IRP), but he was unable to renew his authorization. Mr. Virendra Maurya was then appointed as the new IRP. Before the CIRP could proceed, Sorich Foils Limited approached the applicant for an amicable settlement. A settlement agreement was reached on 2023-08-07, where Sorich Foils Limited agreed to pay Rs. 30,00,000 to the Operational Creditor, with Rs. 5,00,000 already paid. The Operational Creditor submitted FORM FA expressing willingness to withdraw the main application. The IRP filed an application under Section 12A of the IBC for withdrawal of the CIRP. The CoC was yet to be constituted.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP …

**Ratio:** The Hon'ble Supreme Court in Abhishek Singh Vs Huhtamaki Ppl Ltd & Another 2023 SCC

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**Reasoning:** The Adjudicating Authority considered the settlement agreement between the Operational

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of the CIRP with the approval

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**Application:** In this case, the Operational Creditor agreed to withdraw the application based

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Virendra…
- **Respondents:** Sorich Foils…
- **Advocates:** Kamlesh Vai…

## Timeline

- **2023-07-31 — CIRP Init…**: CIRP was initiated…
- **2023-07-31 — Order Da…**: Order date of CIRP…

## 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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