# In the matter of Tulsiani Construction and Developers Private Limited IA No. 5490-2022 in CP (IB) No. 1012(PB)-2020

> NCLT judgment dated 2022-12-19. Citation: TCN-2022-NCLT-00109. The case involves an application filed by the Interim Resolution Professional (IRP) of Tulsiani…

- **Court:** NCLT
- **Order date:** 19 Dec 2022
- **Citation:** TCN-2022-NCLT-00109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tulsiani-construction-and-developers-private-limited-ia-no-5490-2022-in-cp-ib-no-b06c2d7a

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of Tulsiani Constructions and Developers Private Limited under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The application seeks to withdraw the Section 7 application initiated against the corporate debtor. The CIRP was initiated on 07.10.2022, and the applicant was appointed as IRP. An appeal was filed by the erstwhile management before the NCLAT, which directed the applicant not to constitute the Committee of Creditors (COC) on 02.11.2022. A settlement deed was executed between the financial creditor and the erstwhile

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## Facts

Mr. Rabindra Kumar Mintri was appointed as the Interim Resolution Professional (IRP) for Tulsiani Constructions and Developers Private Limited. Mr. Rajiv Garg is the Financial Creditor. The Corporate Debtor is Tulsiani Constructions and Developers Private Limited. The CIRP was initiated on 2022-10-07. An appeal was filed before the NCLAT, which directed the applicant not to constitute the COC on 2022-11-02. A settlement deed was executed between the financial creditor and the erstwhile management of the corporate debtor on 2022-11-07. The IRP has been reimbursed for all costs and expenses under Regulation 30A(2) and Regulation 33 of the CIRP Regulations. Another company petition, (IB) No. 286(PB)/2019, was filed against the same corporate debtor and disposed of with

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## Issues and analysis

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

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

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**Reasoning:** The court considered the settlement deed executed between the financial creditor and the

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Rabindra Kumar…
- **Respondents:** Tulsiani Construct…; Tulsiani Construct…; +1 more

## Timeline

- **2020-01-01 — Company Pe…**: Company Petition No. IB…
- **2022-10-07 — CIRP Init…**: Corporate Insolvency Resolution…

## 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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