# In the matter of Welby Farms Private Limited

> NCLT judgment dated 2024-01-15. Citation: TCN-2024-NCLT-03056. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Vyoman…

- **Court:** NCLT
- **Order date:** 15 Jan 2024
- **Citation:** TCN-2024-NCLT-03056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/welby-farms-private-limited-147d5a79

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Vyoman India Private Limited. The Company Petition No. 503/2023 was filed by the Financial Creditor against the Corporate Debtor under Section 7 of the IBC and was admitted on 2023-07-28. An Interim Resolution Professional was appointed, and a public announcement was made on 2023-08-12. Subsequently, the matter was amicably settled between the Corporate Debtor and the Financial Creditor.

## Facts

The Financial Creditor initiated CIRP against Vyoman India Private Limited by filing Company Petition No. 503/2023 under Section 7 of the IBC. The petition was admitted on 2023-07-28. An Interim Resolution Professional was appointed, and a public announcement was made on 2023-08-12. Before the constitution of the Committee of Creditors (COC), the Corporate Debtor and the Financial Creditor reached an amicable settlement on 2023-08-22. The Applicant received Form - FA (Application for Withdrawal of Corporate Insolvency Resolution Process) from the Financial Creditor on 2023-08-28. The applicant then applied for withdrawal of the CIRP under Section 12A of the IBC.

## 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 IBC allows for the withdrawal of CIRP with the approval of the

…

**Reasoning:** The court considered the submissions of the applicant and the averments made in the

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**Interpretation:** Section 12A of the IBC provides a mechanism for the withdrawal of CIRP if the

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**Application:** In this case, the Corporate Debtor and the Financial Creditor reached a

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Respondents:** Vyoman India…
- **Advocates:** Amit Tu…

## Timeline

- **2023-07-28 — Admission of Company…**: Company Petition No. 503/2023 filed by…
- **2023-08-12 — Public Annou…**: Public announcement was…

## 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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