# In the matter of VP Bullion Pvt. Ltd.

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00643. The case involves an application (IA No.572/2023) filed to record the progress report…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vp-bullion-pvt-ltd-a87185fa

## Summary

### Background

The case involves an application (IA No.572/2023) filed to record the progress report certifying the list of creditors as of November 3, 2023. The petitioner-financial creditor is identified as a related party (mother of Mr. Pawan Singhal, who is the Suspended Director and Shareholder of the Corporate Debtor). The Committee of Creditors (COC) is formed with Operational Creditors due to the financial creditors being related parties. Another application (IA No.584/2023) was filed by the IRP under Section 12A of the Code for withdrawal of the CIRP against the Corporate Debtor, supported by a settlement agreement dated November 17, 2023, indicating a settlement with financial and operational creditors to clear outstanding dues. The COC resolved to withdraw the petition

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## Facts

The Corporate Debtor entered into a settlement with its financial and operational creditors to clear all outstanding dues. The Committee of Creditors (COC) resolved to withdraw the CIRP with 100% voting in favor. The petitioner-financial creditor is related to the Corporate Debtor, specifically being the mother of Mr. Pawan Singhal, who is the Suspended Director and Shareholder. The list of creditors includes both secured and unsecured financial creditors, as well as operational creditors. Claims were submitted by various creditors, and the amounts claimed and admitted are detailed in the order. IA No.572/2023 was filed to take the progress report on record certifying the list of creditors as on 03.11.2023. IA No.584/2023 was filed by the IRP under Section 12A of the

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the COC had resolved to withdraw the present petition with a 100%

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

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**Application:** In this case, the COC approved the withdrawal with 100% voting share, and a

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** VP BULLION PVT.…

## Timeline

- **2023-11-03 — Creditors List…**: Date on which the list of creditors was…
- **2023-11-17 — Settlement Agreement…**: Form FA dated 17.11.2023 along with a Settlement Agreement stating that the Corporate…

## 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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