# In the matter of Svaryu Energy Ltd. vs. BR Green Industries Pvt. Ltd. & Anr.

> NCLAT judgment dated 2025-01-16. Citation: TCN-2025-NCLAT-00409. The appeal was filed by the Corporate Debtor against an order admitting an application under…

- **Court:** NCLAT
- **Order date:** 16 Jan 2025
- **Citation:** TCN-2025-NCLAT-00409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/svaryu-energy-ltd-vs-br-green-industries-pvt-ltd-anr-98cead18

## Summary

### Background

The appeal was filed by the Corporate Debtor against an order admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor.

## Facts

Svaryu Energy Ltd., the Corporate Debtor, filed an appeal against an order that admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was filed by an Operational Creditor. The Corporate Debtor sought a stay on the proceedings initiated by the impugned order. Counsel for the Appellant informed the National Company Law Appellate Tribunal (NCLAT) that the parties had reached a settlement agreement on January 3, 2025. Following this agreement, an application under Section 12A of the Code was filed on January 14, 2025, seeking withdrawal of the insolvency proceedings. The application under Section 12A had not yet been listed for hearing due to a holiday, but it was expected to be listed in the near future. The Appellant requested that

…

## Issues and analysis

### Issue 1: Whether the proceedings in pursuance of the impugned order should be stayed pending the hearing of …

**Ratio:** When parties have settled their dispute and filed an application under Section 12A for

…

**Reasoning:** The parties had entered into a settlement agreement and filed an application under

…

**Interpretation:** The court interpreted Section 12A as a mechanism for withdrawal of insolvency

…

**Application:** Given the settlement agreement and the pending Section 12A application, the

…

## Parties

- **Judges:** Rakesh Kuma…; Jatindranat…
- **Respondents:** Svaryu Ener…; BR Green Industrie…; +1 more
- **Advocates:** Kumarpal…; Karan G…; +5 more

## Timeline

- **January 3, 2025 — Settlement Ag…**: The parties entered into…
- **January 14, 2025 — Section 12A Application…**: An application under Section 12A of the Code was filed pursuant to the settlement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-chennai/svaryu-energy-ltd-vs-br-green-industries-pvt-ltd-anr-98cead18