# In the matter of Tikona Infinet Private Limited

> NCLT judgment dated 2025-05-27. Citation: TCN-2025-NCLT-00957. The Resolution Professional filed an application seeking withdrawal of the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 27 May 2025
- **Citation:** TCN-2025-NCLT-00957
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/tikona-infinet-private-limited-938a7adf

## Summary

### Background

The Resolution Professional filed an application seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) proceedings.

## Facts

The Resolution Professional filed an application to withdraw the CIRP proceedings.

The basis for the withdrawal is an amicable settlement between the parties.

The terms of the settlement are annexed to the application and available from page 69 onwards, specifically Clause 1.1.3.

The promoters agreed to a Share Purchase Agreement with a third-party purchaser.

The third-party purchaser will buy Tikona Sale Shares for INR 149,50,00,000.

INR 30,00,00,000 will be paid immediately upon signing the LTF SPA, and the balance will be paid via issuance of shares.

CIRP expenses were incurred prior to the constitution of the Committee of Creditors (CoC).

## Issues and analysis

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

**Ratio:** The matter has been amicably

…

**Reasoning:** The court considered the submission of the Learned Counsel for the Resolution

…

**Interpretation:** The court interpreted the settlement as a valid reason to allow the withdrawal

…

**Application:** The court applied the principle of amicable settlement to allow the withdrawal

…

## Parties

- **Judges:** SANJIV…; ASHISH…
- **Appellants:** L&T Finance…
- **Respondents:** Tikona Infinet…
- **Advocates:** Aniru…; Yash Mo…; +1 more

## Timeline

- **2025-05-27 — Order Shee…**: Order sheet of hearing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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