# In the matter of Topaim Properties Pvt. Ltd. I.A. 1444-2022 in C.P.(IB)-3270(MB)-2019

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02398. The case pertains to an application (I.A. 1444/2022) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/topaim-properties-pvt-ltd-ia-1444-2022-in-cpib-3270mb-2019-632a339a

## Summary

### Background

The case pertains to an application (I.A. 1444/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order against the Corporate Debtor. The IRP states that the matter was settled between the parties before the constitution of the Committee of Creditors (COC).

## Facts

The Interim Resolution Professional (IRP) filed an application (I.A. 1444/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order against the Corporate Debtor. The IRP stated that the matter was settled between the parties before the Committee of Creditors (COC) was constituted. The IRP also confirmed that he had received the CIRP costs, including his fee. The CIRP order was initially passed on 09.05.2022. The settlement occurred before the COC could be formed, thus negating the need for COC approval for the withdrawal.

## Issues and analysis

### Issue 1: Whether the CIRP order can be withdrawn based on a settlement between the parties before the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP with

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**Reasoning:** The court reasoned that since the matter was settled before the COC was formed, obtaining

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**Interpretation:** Section 12A is interpreted to mean that the requirement for COC approval is

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**Application:** In this case, the settlement occurred before the COC was constituted.

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Puja Enter…
- **Respondents:** Topaim Properties…

## Timeline

- **2022-05-09 — CIRP Order…**: The CIRP order was initially…
- **2022-06-06 — Hearing…**: Hearing of the Mumbai Bench of the…

## 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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