# In the matter of Xrbia Chakan Developers Pvt Ltd

> NCLT judgment dated 2024-10-03. Citation: TCN-2024-NCLT-00501. The case involves an application (I.A. 4466/2024) filed by Mr. Yuvraj Kisan Pawar, a suspended…

- **Court:** NCLT
- **Order date:** 3 Oct 2024
- **Citation:** TCN-2024-NCLT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/xrbia-chakan-developers-pvt-ltd-ad94f3b7

## Summary

### Background

The case involves an application (I.A. 4466/2024) filed by Mr. Yuvraj Kisan Pawar, a suspended director, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Tricon Infra Buildtech Private Limited. The application is based on a settlement reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor had initiated CIRP against the Corporate Debtor for a default amount of Rs. 2,00,26,690/-, against which Rs. 1,51,73,325/- has been paid.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Tricon Infra Buildtech Private Limited. Mr. Yuvraj Kisan Pawar, a suspended director, filed an application (I.A. 4466/2024) to withdraw the CIRP. The application was filed under section 60(5) of IBC r/w. Rule 11 of the NCLT Rules 2016. The basis for the withdrawal is a settlement reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor has signed Form F-A and submitted it to the Interim Resolution Professional (IRP). The IRP, Mr. Vakati Balasubramanyam Reddy, confirmed that the Operational Creditor submitted Form FA dated 02.08.2024 for withdrawal of the CIRP process. The IRP also confirmed that his professional fees of Rs. 5 lakhs have been paid. The admission

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** Section 12A of the IBC and Regulations 30A of the CIRP Regulations allow for the

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**Reasoning:** The court considered the settlement between the Operational Creditor and the Corporate

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

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**Application:** In this case, the settlement between the Operational Creditor and the Corporate

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Respondents:** Tricon Infra…

## Timeline

- **2024-02-08 — Consent…**: Operational Creditor and Corporate…
- **2024-08-01 — Admission…**: Admission order was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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