# In the matter of Texplas (India) Pvt. Ltd. IA No. 96,97 & 100-2022 In
CP (IB) No. 408-ALD-2018

> NCLT judgment dated 2022-04-04. Citation: TCN-2022-NCLT-03395. The case involves a Corporate Insolvency Resolution Process (CIRP) commenced against the…

- **Court:** NCLT
- **Order date:** 4 Apr 2022
- **Citation:** TCN-2022-NCLT-03395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/texplas-india-pvt-ltd-ia-no-9697-100-2022-in-cp-ib-no-408-ald-2018-5d569bbb

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor, with an order dated 02.03.2022. Publication in the newspaper was effected on 16.03.2022, with the last date fixed as 28.03.2022. Only one claim from the Financial Creditor was received by the IRP as of 28.03.2022. The Suspended Board of the Corporate Debtor and the petitioning/operational creditor entered into a settlement, culminating in Form-FA being given to the IRP on 28.03.2022, which was the last date for receipt of claims.

## Facts

The CIRP was initiated against the Corporate Debtor with an order dated 02.03.2022. The publication in the newspaper was effected on 16.03.2022, with the last date fixed as 28.03.2022. Only one claim from the Financial Creditor was received by the IRP as of 28.03.2022. The Suspended Board of the Corporate Debtor and the petitioning/operational creditor entered into a settlement, culminating in Form-FA being given to the IRP on 28.03.2022, which was the last date for receipt of claims. The application was filed under Section 12 A read with Regulations 30A (1) of the CIRP Regulations, seeking closure of the CIRP before the constitution of the COC. The IRP's fees were paid in full.

## Issues and analysis

### Issue 1: Whether the CIRP can be closed under Section 12A of the IBC read with Regulation 30A(1) of the CIRP …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application with the approval

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**Reasoning:** The court considered the application in its entirety, noting that a settlement had been

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**Interpretation:** Section 12A and Regulation 30A(1) are interpreted to allow for the closure of

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**Application:** In this case, the settlement between the parties, the payment of the IRP's

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** TEXPLAS (INDIA)…

## Timeline

- **2018-01-01 — CP (IB) No. 408…**: Filing of the Corporate…
- **2020-10-13 — CIRP Init…**: CIRP initiated against…

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