# In the matter of VP Bullion Pvt. Ltd.

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00655. The case involves an application (IA No.572/2023) to record the progress report certifying the…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vp-bullion-pvt-ltd-b9fe01b4

## Summary

### Background

The case involves an application (IA No.572/2023) to record the progress report certifying the list of creditors as of 2023-11-03. 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 COC is formed with Operational Creditors because Financial Creditors were found to be 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, attaching Form FA dated 2023-11-17 along with a Settlement Agreement indicating that the Corporate Debtor entered into a settlement with financial and operational creditors to clear all outstanding dues.

## 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 in IA No.572/2023 is related to the Corporate Debtor, being the mother of the Suspended Director and Shareholder, Mr. Pawan Singhal. The list of creditors includes both secured and unsecured financial creditors, as well as operational creditors. The claims of some creditors were admitted, while others were not. The IRP filed an application under Section 12A of the Code for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the settlement …

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

…

**Reasoning:** The court considered the COC's resolution, which was passed with 100% voting in favor of

…

**Interpretation:** Section 12A provides a mechanism for resolving insolvency proceedings outside

…

**Application:** The court applied Section 12A by allowing the withdrawal of the CIRP, as the

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** M/S VP BULLION…

## Timeline

- **2023-11-03 — Creditors Li…**: Date on which the list of…
- **2023-11-17 — Form FA…**: Date of Form FA attached with the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vp-bullion-pvt-ltd-b9fe01b4