# In the matter of Tantia Agrochemicals Private Limited

> NCLT judgment dated 2024-12-13. Citation: TCN-2024-NCLT-00061. This case involves a transfer petition from the Official Liquidator, High Court, Calcutta, to…

- **Court:** NCLT
- **Order date:** 13 Dec 2024
- **Citation:** TCN-2024-NCLT-00061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tantia-agrochemicals-private-limited-02a24d06

## Summary

### Background

This case involves a transfer petition from the Official Liquidator, High Court, Calcutta, to Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The main petition was initially filed by Magma Fincorp Limited (now Poonawalla Fincorp Limited) with the Calcutta High Court under CP/791/2015 on 2015-11-23. Subsequently, the Official Liquidator filed a transfer petition with the NCLT, Kolkata Bench on 2023-02-17. The NCLT appointed Mr. Sanjeev Jhunjhunwala as the Resolution Professional on 2024-09-04.

## Facts

Magma Fincorp Limited (now Poonawalla Fincorp Limited) initially filed a petition with the Calcutta High Court under CP/791/2015 on 2015-11-23. The Official Liquidator, High Court, Calcutta, then filed a transfer petition with the NCLT, Kolkata Bench on 2023-02-17. The NCLT appointed Mr. Sanjeev Jhunjhunwala as the Resolution Professional on 2024-09-04. A public announcement was made on 2024-09-21, setting 2024-10-03 as the last day for claim submissions. Alchemist Asset Reconstruction Company Limited was the sole member of the CoC. The first CoC meeting was held on 2024-10-19, where the withdrawal of CIRP proceedings was discussed. The Official Liquidator handed over the custody of records on 2024-10-18 and the factory on 2024-10-28. The CoC resolved to withdraw the

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## Issues and analysis

### Issue 1: Whether the withdrawal application being I.A. …

**Ratio:** The legal principle applied here is the power of the NCLT to allow the withdrawal of CIRP

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**Reasoning:** The NCLT considered the settlement amount agreed upon by the parties and the resolution

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**Interpretation:** This involves interpreting the provisions of the Insolvency and Bankruptcy

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

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Magma Finco…
- **Respondents:** ΤΑΝΤΙΑ AGROCHEMICA…
- **Advocates:** Urmila Chak…; Rituparna…; +3 more

## Timeline

- **2015-11-23 — Main Petitio…**: Magma Fincorp Limited (now Poonawalla Fincorp Limited) filed a petition with the Calcutta…
- **2023-02-17 — Transfer Petit…**: The Official Liquidator, High Court, Calcutta, filed a transfer petition with the NCLT,…

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