# In the matter of Oren Hydrocarbons Private Limited Vs. Akzo Nobel Industrial Chemicals BV and Anr. I.A No. 95 of 2021 in CA (AT) (CH) (Ins) No. 24 of 2021

> NCLAT judgment dated 2021-06-07. Citation: TCN-2021-NCLAT-00248. This is an application (I.A. No. 95 of 2021) filed in Company Appeal (AT) (CH) (Ins) No. 24…

- **Court:** NCLAT
- **Order date:** 7 Jun 2021
- **Citation:** TCN-2021-NCLAT-00248
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/oren-hydrocarbons-private-limited-vs-akzo-nobel-industrial-chemicals-bv-and-anr-993cb99c

## Summary

### Background

This is an application (I.A. No. 95 of 2021) filed in Company Appeal (AT) (CH) (Ins) No. 24 of 2021, seeking clarification of a judgment dated 26.03.2021 passed by the National Company Law Appellate Tribunal, Chennai Bench. The applicant, M/s. Oren Hydrocarbons Private Limited, was directed by the Adjudicating Authority (NCLT, Chennai) to approach the NCLAT for clarification regarding paragraphs 3 and 4 of the earlier order. The core issue revolves around the filing of a withdrawal application under Section 12A of the Insolvency & Bankruptcy Code and the constitution of the Committee of Creditors (CoC). The Corporate Debtor claims to have made full payment to the Operational Creditor, leading to a request for withdrawal of the insolvency proceedings.

## Facts

M/s. Oren Hydrocarbons Private Limited, the Corporate Debtor, faced insolvency proceedings. The Adjudicating Authority directed the Corporate Debtor to seek clarification from the NCLAT regarding an earlier order. The Corporate Debtor claimed to have made full payment of Rs. 11,110,613.00 to M/s. Nouryan Chemicals Ind. Pvt. Ltd., an associate subsidiary of the Respondent, via NEFT on 27.04.2021. The Operational Creditor was reportedly ready to withdraw the case due to the payment. The Resolution Professional had not constituted the Committee of Creditors within ten days of the judgment. The Financial Creditor (Axis Bank) insisted on the Corporate Debtor filing a withdrawal application as per Regulation 30-A of the IBBI Regulations, to be filed through the Interim

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should consider the withdrawal application filed by the …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code allows for the withdrawal of an

…

**Reasoning:** The NCLAT refers to its earlier order, emphasizing that it had already granted liberty to

…

**Interpretation:** The interpretation is that the Adjudicating Authority has the power and

…

**Application:** The ratio and reasoning apply to the specific facts by directing the

…

## Parties

- **Judges:** Venugop…; Balvinder…
- **Respondents:** M/s.OREN HYDROCARB…; M/s. Akzo Nobel…

## Timeline

- **2021-03-26 — Original…**: The National Company Law Appellate Tribunal, Chennai Bench, passed a judgment in Company…
- **2021-04-01 — E-filing Appl…**: The Petitioner/Appellant filed an e-filing application before the Adjudicating Authority…

## 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)

---

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-new-delhi/oren-hydrocarbons-private-limited-vs-akzo-nobel-industrial-chemicals-bv-and-anr-993cb99c