# In the matter of Sri Srinivasa Spin Tex (India) Limited I.A. No. 182-2022 in CP (IB) No. 78-9-AMR-2021

> NCLT judgment dated 2022-08-22. Citation: TCN-2022-NCLT-01323. This case involves an application filed under Section 12A of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Aug 2022
- **Citation:** TCN-2022-NCLT-01323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-srinivasa-spin-tex-india-limited-ia-no-182-2022-in-cp-ib-no-78-9-amr-2021-06a9eb75

## Summary

### Background

This case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) application CP (IB) No. 78/9/AMR/2021. The CIRP application had been admitted by the Tribunal via an order dated 2022-08-17.

## Facts

M/s. Gayathri Cotton Pressing Mills Private Limited, through Mr. Kantipudi Venkata Raju (the Interim Resolution Professional for M/s. Sri Srinivasa Spin Tex (India) Limited), filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Srinivasa Spin Tex (India) Limited. The CIRP application was admitted by the Tribunal. Subsequently, an application (I.A No.182/2022) was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP application due to a settlement between the parties. The IRP confirmed the receipt of complete fees and filed Form-FA. The key fact is the settlement between the parties, which forms the basis for the withdrawal application.

## Issues and analysis

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

**Ratio:** Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution

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**Reasoning:** The Tribunal considered the application for withdrawal, the settlement between the

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code, read with Regulation 30-A,

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**Application:** In this case, the applicant sought to withdraw the CIRP application based on a

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** M/s.Gayathri…
- **Respondents:** M/s. SRI SRINIVASA…

## Timeline

- **2022-08-17 — Tribunal…**: The Tribunal admitted the CP (IB)…
- **2022-08-22 — Hearing…**: Hearing held on…

## 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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