# 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-00342. 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-00342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mr-shyam-sundar-patodia-vs-mr-aditya-vikram-verma-anr-company-appeal-5f0cd60a

## 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 an application under Section 12-A of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated by the order dated 25th November 2021. The parties appeared before the Adjudicating Authority and filed an application under Section 12A for withdrawal of the CIRP. The said application was filed on 17th December 2021. The IRP issued an advertisement on 05.12.2021. The Operational Creditor had entered into a settlement, and consequently, the application for withdrawal was filed.

## 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. Subsequently, the parties filed an application under Section 12A for withdrawal of the CIRP on 17th December 2021, after the IRP issued an advertisement on 05.12.2021. The Operational Creditor and Corporate Debtor entered into a settlement, leading to the withdrawal application. The Adjudicating Authority rejected the withdrawal application under Section 12-A, citing that some claims had been submitted following the advertisement. The Committee of Creditors (CoC) was not constituted when the application for withdrawal was filed. The appellant was directed to re-submit

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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 NCLAT reasoned that the fact that an advertisement was issued and some claims were

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**Interpretation:** Section 12-A of the IBC, along with Regulation 30-A, allows for the withdrawal

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**Application:** In this case, the application for withdrawal under Section 12-A was filed

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## Parties

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

## Timeline

- **2021-11-25 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated by the order dated 25th…
- **2021-12-05 — IRP Adverti…**: The IRP issued an…

## 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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