# In the matter of State Bank of India Vs. Asip Pvt. Limited

> NCLT judgment dated 2024-10-15. Citation: TCN-2024-NCLT-00431. The present application was moved under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 15 Oct 2024
- **Citation:** TCN-2024-NCLT-00431
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-asip-pvt-limited-c0f8cf7a

## Summary

### Background

The present application was moved under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30 A of the Insolvency and Bankruptcy Board of India, for the withdrawal of the CIRP initiated against the Corporate Debtor. The applicant enclosed Form FA stating that a compromise has been reached between the Financial Creditor and the Corporate Debtor.

## Facts

The State Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Asip Pvt Ltd. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30 A of the Insolvency and Bankruptcy Board of India, seeking to withdraw the CIRP. The applicant, presumably the State Bank of India, submitted Form FA, indicating that a compromise had been reached between the financial creditor (State Bank of India) and the corporate debtor (Asip Pvt Ltd). The CIRP was initiated under Section 7 of IBC. The court then disposed of the application and the original company petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The court reasoned that the applicant had submitted Form FA, which indicated that a

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**Interpretation:** Section 12A provides a mechanism for CIRP to be withdrawn if a settlement is

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**Application:** The court applied Section 12A and Regulation 30 A to the facts, noting the

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** State Bank of…
- **Respondents:** Asip Pv…

## Timeline

- **2024-10-15 — Hearing…**: Hearing held on 15.10.2024 at 10:30 AM at the National Company Law Tribunal, Hyderabad…

## 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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