# In the matter of Trident Sugars Limited IA (IBC) 666-2022 in CP (IB) No. 331-9-HDB-2020

> NCLT judgment dated 2022-07-13. Citation: TCN-2022-NCLT-01747. The case involves an application (IA 666/2022) filed in connection with a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trident-sugars-limited-ia-ibc-666-2022-in-cp-ib-no-331-9-hdb-2020-b5e36a3b

## Summary

### Background

The case involves an application (IA 666/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Trident Sugars Limited (Corporate Debtor) by NSL Krishnaveni Sugars Ltd (Operational Creditor). The application was filed under Section 12-A of the Insolvency and Bankruptcy Code (IBC) by the Interim Resolution Professional (IRP) following a settlement between the Corporate Debtor and the Operational Creditor.

## Facts

NSL Krishnaveni Sugars Ltd, the Operational Creditor, initiated CIRP against Trident Sugars Limited, the Corporate Debtor. The CIRP was initiated under CP (IB) No. 331/9/HDB/2020. An order was passed on 08.07.2022 placing the Corporate Debtor under CIRP. Subsequently, the Corporate Debtor and the Operational Creditor reached a settlement, documented in a joint memo dated 11.07.2022. The IRP filed IA 666/2022 under Section 12-A of the IBC, informing the court about the settlement and the payment of costs. The IRP also submitted Form-FA. Counsels for both sides and the IRP were present before the Tribunal. The key fact is the settlement, which led to the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the settlement between the Operational Creditor and the Corporate Debtor warrants the …

**Ratio:** Section 12-A of the IBC allows for the withdrawal of an application admitted under

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**Reasoning:** The court reasoned that the settlement between the parties, as evidenced by the joint

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**Interpretation:** Section 12-A provides a mechanism for parties to resolve their disputes outside

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

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## Parties

- **Judges:** DR.VENKATA…; BINOD KUMAR…
- **Appellants:** NSL Krishnaveni…
- **Respondents:** Trident Sugars…

## Timeline

- **2022-07-08 — Order for…**: Order dated 08.07.2022 placed the…
- **2022-07-11 — Joint Me…**: Joint memo dated 11.07.2022 signed by Operational Creditor and Corporate Debtor,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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