# Abhishek Singh vs. Huhtamaki PPL Ltd. & Anr. [SLP (Civil) No.6452 of 2021]

> SC judgment dated 2023-03-28. Citation: TCN-2023-SC-00085. The case involves an appeal against an order by the National Company Law Tribunal (NCLT) that…

- **Court:** SC
- **Order date:** 28 Mar 2023
- **Citation:** TCN-2023-SC-00085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/abhishek-singh-vs-huhtamaki-ppl-ltd-anr-7cd18b6f

## Summary

### Background

The case involves an appeal against an order by the National Company Law Tribunal (NCLT) that rejected an application for withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings. The appellant, a suspended Director of Manpasand Beverages Ltd. (the Corporate Debtor), filed the appeal after the NCLT rejected the settlement application and fixed the matter for disposal under Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations. The Operational Creditors (OCs) had initiated CIRP against the Corporate Debtor (CD) due to outstanding payments. A settlement was reached between the OCs and the CD before the Committee of Creditors (CoC) was constituted, and the CD paid the agreed amount. An application for withdrawal of CIRP was

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## Facts

Huhtamaki PPL Ltd. (Operational Creditor) initiated CIRP against Manpasand Beverages Ltd. (Corporate Debtor) due to outstanding payments. The NCLT admitted the petition on 2021-03-01, initiating CIRP. Two days later, the OCs and the CD reached a settlement where the CD agreed to pay Rs.95.72 lakhs. The CD paid Rs.50 lakhs on 2021-03-04 and the balance of Rs.45.72 lakhs on 2021-03-08. Before the CoC could be formed, the Interim Resolution Professional (IRP) moved an application on 2021-03-10 under Regulation 30A of the IBBI Regulations for withdrawal of CIRP. An appeal was filed against the admission order before the NCLAT, which was later withdrawn with liberty to revive it if the settlement failed. The NCLAT granted a stay on the formation of the CoC. The NCLT

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## Issues and analysis

### Issue 1: Whether the NCLT was justified in rejecting the application for withdrawal of CIRP proceedings …

**Ratio:** Regulation 30A of the IBBI Regulations provides a complete mechanism for dealing with

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**Reasoning:** The Supreme Court reasoned that Regulation 30A was specifically introduced to address the

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**Interpretation:** Regulation 30A of the IBBI Regulations is interpreted as a comprehensive

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**Application:** In this case, the settlement was reached before the CoC was constituted, and

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## Parties

- **Judges:** VIKRAM…; B.R. G…
- **Appellants:** Abhishek…
- **Respondents:** Manpasand…; Huhtamaki P…
- **Other parties:** 7th Edition…; Section 12A…; +7 more
- **Advocates:** Vikram Na…

## Timeline

- **2021-03-01 — NCLT Ord…**: NCLT passed an order admitting the…
- **2021-03-03 — Settlement Ag…**: OCs and CD entered into a settlement where…

## 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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