# In the matter of Star Trace Pvt. Ltd. IA(I.B.C)-792(CHE)2022 in IBA-304-2020

> NCLT judgment dated 2022-11-10. Citation: TCN-2022-NCLT-00495. The case involves an application filed by State Bank of India, claiming to be a Financial…

- **Court:** NCLT
- **Order date:** 10 Nov 2022
- **Citation:** TCN-2022-NCLT-00495
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/star-trace-pvt-ltd-iaibc-792che2022-in-iba-304-2020-fa14e3af

## Summary

### Background

The case involves an application filed by State Bank of India, claiming to be a Financial Creditor of the Corporate Debtor, seeking reliefs related to the continuation of the Corporate Insolvency Resolution Process (CIRP). The first respondent failed to file an application (Form FA) under Regulation 30A of IBBI Regulations, as directed by NCLAT in an earlier order. The CIRP order was initially passed on 2021-08-09. An appeal was filed before NCLAT, which stayed the CIRP implementation on 2021-10-07. NCLAT disposed of the matter on 2022-02-23, allowing the withdrawal of the Company Appeal. The Learned Counsel for the Appellant sought permission from the Tribunal to withdraw the instant Company Appeal (AT)(CHE)(Ins) No.242/2021, which was dismissed as withdrawn. The 1st

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## Facts

State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. SBI claimed to be a Financial Creditor. The first respondent failed to file Form FA under Regulation 30A of IBBI Regulations, as directed by NCLAT. An earlier CIRP order was passed on 2021-08-09. NCLAT stayed the CIRP implementation on 2021-10-07. NCLAT disposed of the matter on 2022-02-23, allowing the withdrawal of the Company Appeal. The Resolution Professional (RP), Mr. C. Ramasubramaniam, stated that Form FA was not available with him and was not handed over by the erstwhile IRP, Mr. K. Ganesan. The court noted the dereliction of duties by both the IRP and RP. The court also noted that nobody has taken the responsibility of filing Section 12A Application.

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## Issues and analysis

### Issue 1: Whether the second respondent should be directed to continue the CIRP since the first respondent …

**Ratio:** The legal principle is based on the regulatory framework governing the Corporate

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**Reasoning:** The court's reasoning is based on the fact that the first respondent failed to comply

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**Interpretation:** The interpretation involves understanding the regulatory framework of the IBBI

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**Application:** The ratio and reasoning apply to the specific facts of the case, where the

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## Parties

- **Judges:** DEEPTI M…; Shri. Samee…
- **Appellants:** State Bank of…
- **Respondents:** Harsan…

## Timeline

- **2021-08-09 — CIRP Order…**: CIRP order was passed…
- **2021-10-07 — NCLAT Stay…**: NCLAT stayed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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