# In the matter of Mr. Shyam Sundar Patodia Vs.
Mr. Aditya Vikram Verma & Anr. Company Appeal (AT) (Insolvency) No. 582 of 2022

> NCLAT judgment dated 2022-07-19. Citation: TCN-2022-NCLAT-00346. The appeal was filed against the order dated 24th January 2022, by which I.A. No. 1113 of…

- **Court:** NCLAT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLAT-00346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-shyam-sundar-patodia-vs-mr-aditya-vikram-verma-anr-company-appeal-414cb846

## Summary

### Background

The appeal was filed against the order dated 24th January 2022, by which I.A. No. 1113 of 2021 was dismissed. The Adjudicating Authority rejected the withdrawal of the application under Section 12-A of the Code, even though the Committee of Creditors (CoC) was not constituted. The Adjudicating Authority noticed that in pursuance of the Advertisement, some claims have been submitted.

## Facts

An application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) by an order dated 25th November 2021. The parties then appeared before the Adjudicating Authority and filed an application under Section 12A for withdrawal of the CIRP on 17th December 2021. The IRP had issued an advertisement on 05.12.2021. The Operational Creditor had entered into a settlement, leading to the application for withdrawal. Form FA, signed by the Operational Creditor, was filed as part of the application. The Adjudicating Authority rejected the withdrawal application under Section 12-A, noting that some claims had been submitted following the advertisement. The Committee of Creditors (CoC)

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in rejecting the application for withdrawal under …

**Ratio:** The Adjudicating Authority has the jurisdiction to permit withdrawal of an application

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**Reasoning:** The court reasoned that the fact that an advertisement was issued and some claims were

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**Interpretation:** Section 12A of the IBC allows for withdrawal of applications under certain

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**Application:** In this case, the Operational Creditor and the Corporate Debtor had reached a

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Shyam Sundar…
- **Respondents:** Aditya Vikram…
- **Advocates:** Jayabrata…; Palash S. S…; +3 more

## Timeline

- **2021-11-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated by the Order dated 25th…
- **2021-12-05 — Advertisement…**: The IRP issued…

## 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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