# In the matter of U S Realty Pvt. Ltd. I.A. 1023-2022, I.A. 2070-2020, I.A. 1720,1933 & 2261-2021 in C.P.(IB)-2685(MB)-2019

> NCLT judgment dated 2022-04-26. Citation: TCN-2022-NCLT-03071. The case involves an application (I.A. 1023/2022) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 26 Apr 2022
- **Citation:** TCN-2022-NCLT-03071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/u-s-realty-pvt-ltd-ia-1023-2022-ia-2070-2020-ia-17201933-2261-2021-in-cpib-2685m-712aab4e

## Summary

### Background

The case involves an application (I.A. 1023/2022) 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 that was previously passed against the Corporate Debtor. The CoC in its 12th meeting dated 29.03.2022 passed a resolution for withdrawal of the CIRP with 100% voting share as the matter was settled.

## Facts

The Interim Resolution Professional (IRP) filed an application (I.A. 1023/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order against the Corporate Debtor. The Corporate Debtor is U S Realty Pvt Ltd. The Committee of Creditors (CoC) approved the withdrawal in its 12th meeting on 29.03.2022 with 100% voting share, indicating a settlement. The IRP confirmed receipt of CIRP costs, including his fee. The original CIRP order was dated 29.01.2020. The application was filed because the matter was settled.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP order, filed under Section 12A of the Insolvency …

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

…

**Reasoning:** The court considered the fact that the CoC approved the withdrawal of the CIRP with 100%

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when a settlement is

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**Application:** In this case, the CoC's approval with 100% voting share and the IRP's

…

## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Bank of B…
- **Respondents:** U S Realty Pvt…

## Timeline

- **2020-01-29 — CIRP Ord…**: CIRP order was passed…
- **2022-03-29 — CoC Meet…**: The Committee of Creditors (CoC) in its 12th meeting passed a Resolution for withdrawal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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