# In the matter of Vitthal Refined Sugars Limited

> NCLT judgment dated 2022-11-10. Citation: TCN-2022-NCLT-00485. The application IA 3282 of 2022 was filed by the IRP, Mr. Umang S. Khandelwal, under Section…

- **Court:** NCLT
- **Order date:** 10 Nov 2022
- **Citation:** TCN-2022-NCLT-00485
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vitthal-refined-sugars-limited-640f5cb1

## Summary

### Background

The application IA 3282 of 2022 was filed by the IRP, Mr. Umang S. Khandelwal, under Section 12A and Regulation 30A, seeking withdrawal of the main Company Petition No. 985 of 2021. This withdrawal was requested due to the settlement of dues between the Financial Creditor (Bank of India) and the Corporate Debtor (Vitthal Refined Sugars Limited).

## Facts

The IRP, Mr. Umang S. Khandelwal, filed an application (IA 3282 of 2022) seeking withdrawal of the main Company Petition No. 985 of 2021. The basis for the withdrawal was the settlement of dues between the Financial Creditor, Bank of India, and the Corporate Debtor, Vitthal Refined Sugars Limited. The Suspended Directors of Vitthal Refined Sugars Limited settled the outstanding dues with Bank of India for Rs. 12.75 crores, which was accepted as a full and final settlement against the total admitted dues of Rs. 30.00 crores. Bank of India issued a No Dues Certificate dated 02.11.2022 after receiving the outstanding dues. The Financial Creditor submitted Form-FA dated 02.11.2022 via email on 03.11.2022 for the withdrawal of the CIRP process. The IRP confirmed that all

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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 Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of a

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**Reasoning:** The court considered the submissions of the IRP, the settlement between the Financial

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

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**Application:** In this case, the Corporate Debtor settled with the Financial Creditor by

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## Parties

- **Judges:** ANURADHA SANJAY…; H.V. Subb…
- **Respondents:** Vitthal Refined…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No.…
- **2022-09-29 — CIRP Ord…**: CIRP order was passed…

## 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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