# In the matter of Tata Projects Limited IA No. 22 of 2022 in CP (IB) No. 679-9-HDB-2019

> NCLT judgment dated 2022-01-11. Citation: TCN-2022-NCLT-04468. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 11 Jan 2022
- **Citation:** TCN-2022-NCLT-04468
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tata-projects-limited-ia-no-22-of-2022-in-cp-ib-no-679-9-hdb-2019-4b7dbd93

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP sought to set aside the order dated 30.12.2021, which had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tata Projects Limited. The CIRP was initiated based on a company petition filed by the Operational Creditor, Nexo Industries Private Limited. The Corporate Debtor had preferred an appeal before the NCLAT, Chennai, against the CIRP order, but subsequently withdrew the appeal on 04.01.2022 due to a settlement agreement with the

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## Facts

Nexo Industries Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Tata Projects Limited, the Corporate Debtor, under CP No. 679/9/HDB/2019. The NCLT Hyderabad Bench-1 admitted the company petition and ordered CIRP against Tata Projects Limited on 30.12.2021. Subsequently, Tata Projects Limited appealed the order before the NCLAT Chennai. However, a settlement was reached between Tata Projects Limited and its Financial Creditor, leading to the withdrawal of the appeal on 04.01.2022. The NCLAT Chennai directed the Interim Resolution Professional (IRP) to file a Form-FA application before the Adjudicating Authority (NCLT) for withdrawal of the CIRP. The IRP, appointed by the Tribunal, then filed an application

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate …

**Ratio:** The Adjudicating Authority may allow the withdrawal of an application admitted under

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**Reasoning:** The Tribunal considered Section 12A of the Code and Regulation 30A of the CIRP

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**Interpretation:** Section 12A of the Code confers power on the Adjudicating Authority to allow

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**Application:** The Tribunal, having anxiously considered the factul matrix of this matter and

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Respondents:** Tata Projec…; Nexo Industries…

## Timeline

- **2021-12-30 — CIRP Ord…**: NCLT Hyderabad Bench-1 ordered CIRP against Tata Projects Limited in CP No.…
- **2021-12-31 — IRP Receive…**: The Interim Resolution Professional…

## 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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