# In the matter of Thyme & Reason Hospitality LLP

> NCLT judgment dated 2024-03-07. Citation: TCN-2024-NCLT-02169. The case involves an application (IA-967/2024) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Mar 2024
- **Citation:** TCN-2024-NCLT-02169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thyme-reason-hospitality-llp-a933d8b4

## Summary

### Background

The case involves an application (IA-967/2024) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, based on the recommendation of the Committee of Creditors (CoC). The CIRP was initiated following the admission of a petition (CP(IB)-1220/2021) filed by the Operational Creditor. After the admission of the petition, an Interim Resolution Professional (IRP) was appointed, and a public announcement was made inviting claims against the Corporate Debtor.

## Facts

The Operational Creditor, Sunbourne Developers Pvt. Ltd., filed a petition (CP(IB)-1220/2021) under Section 9 of the IBC, leading to the initiation of CIRP against the Corporate Debtor, Thyme & Reason Hospitality LLP. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The IRP made a public announcement inviting claims. Subsequently, the Operational Creditor and the Corporate Debtor reached an amicable settlement and sought to withdraw the main CP. The Operational Creditor submitted Form FA along with a settlement deed to the RP. The CoC, constituted with a sole member, held its first meeting on 2023-05-23. In a subsequent meeting on 2024-02-20, the CoC accepted Form FA and approved the withdrawal of CIRP with 100% voting. The RP

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed, …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP if the CoC approves the

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**Reasoning:** The Tribunal considered the resolution passed by the CoC approving the withdrawal of CIRP

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**Interpretation:** Section 12A of the IBC is interpreted to allow for the withdrawal of CIRP when

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**Application:** In this case, the Operational Creditor and the Corporate Debtor reached an

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** Thyme & Reason…
- **Advocates:** Khushboo Shah…

## Timeline

- **2021-01-01 — Filing of P…**: The Operational Creditor filed the Petition…
- **2023-04-19 — Admission of Petition…**: The Tribunal admitted the petition filed by the Operational Creditor, and CIRP was…

## 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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