# In the matter of VVF (India) Limited IA-1507-2022-New Application IN C.P.(IB)-331(MB)-2020

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02319. The case involves an application (IA-1507/2022) filed under Section 12-A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02319
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vvf-india-limited-ia-1507-2022-new-application-in-cpib-331mb-2020-2f182fe3

## Summary

### Background

The case involves an application (IA-1507/2022) filed under Section 12-A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency Resolution Process for Corporate Persons Regulations, 2016, seeking permission for withdrawal of the company petition. The applicant submitted that expenses as stipulated under Regulation 30A read with Regulation 33 of the CIRP Regulations have been paid. The suspended director of the corporate debtor deposited Rs. 61,84,00,000.

## Facts

Mr. Avil Menezes filed an application. Bank of India is the financial creditor. VVF (India) Limited is the corporate debtor. The applicant sought withdrawal of the company petition under Section 12-A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The applicant submitted that the expenses as stipulated under Regulation 30A read with Regulation 33 of the CIRP Regulations have been paid. The suspended director of the corporate debtor deposited Rs. 61,84,00,000. The court allowed the withdrawal of the company petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed under Section 12-A …

**Ratio:** Section 12-A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

…

**Reasoning:** The court considered the submission that the expenses as stipulated under Regulation 30A

…

**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

…

**Application:** The court applied the provisions of Section 12-A and Regulation 30A to the

…

## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Avil Me…
- **Respondents:** VVF (India)…; Bank of…

## Timeline

- **2022-03-31 — Letter D…**: Letter indicating…
- **2022-06-09 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## 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/vvf-india-limited-ia-1507-2022-new-application-in-cpib-331mb-2020-2f182fe3