# In the matter of Riyasat Towers Pvt. Ltd. IB-1392(ND)-2019

> NCLT judgment dated 2022-04-20. Citation: TCN-2022-NCLT-04944. An application was filed by the Resolution Professional regarding certain preferential…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-04944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/riyasat-towers-pvt-ltd-ib-1392nd-2019-58b78e2f

## Summary

### Background

An application for withdrawal was filed by the Resolution Professional on behalf of Applicant Catalyst Trusteeship Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016.

## Facts

Catalyst Trusteeship Ltd. filed an application under Section 7 of the IBC Code, 2016.

The Resolution Professional filed an application regarding certain preferential transactions.

The Resolution Professional sought to withdraw the application for initiation of CIRP due to a settlement.

The CIRP against the Corporate Debtor was admitted on 22.10.2019.

The Petitioner prayed for grant of liberty to file the restoration application in case of breach of any obligations stipulated under the settlement agreement from the part of obligors.

The application for withdrawal was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A(1)(b) and 30A(5) of IBBI Regulations, 2016.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP initiation should be allowed under Section 12A of …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A(1)(b)

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**Reasoning:** The Resolution Professional filed an application for withdrawal of CIRP initiation due to

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**Interpretation:** The court interpreted Section 12A of the IBC and related regulations to allow

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**Application:** The court allowed the application for withdrawal of CIRP initiation, relieving

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** Catalyst Trusteesh…; Catalyst Trusteesh…
- **Respondents:** Riyasat Towers…
- **Other parties:** Harish T…
- **Advocates:** Virender…; Vishal…; +5 more

## Timeline

- **2022-04-20 — Order Del…**: Order delivered on…
- **2019-10-22 — CIRP Admi…**: CIRP was admitted vide order dated…

## 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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