# In the matter of Avesthagen Ltd.

> NCLT judgment dated 2025-06-09. Citation: TCN-2025-NCLT-00921. An application (I.A. No.441/2025) was filed under Section 12A of the I&B Code, 2016 read with…

- **Court:** NCLT
- **Order date:** 9 Jun 2025
- **Citation:** TCN-2025-NCLT-00921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/avesthagen-ltd-3bdb69b9

## Summary

### Background

An application (I.A. No.441/2025) was filed under Section 12A of the I&B Code, 2016 read with Regulations 30A of the IBBI Regulations, 2016 and Rule 11 of the NCLT Rules, 2016, seeking withdrawal of C.P (IB) No.173/BB/2023.

## Facts

M/s Wipro Ltd filed a company petition against M/s. Avesthagen Ltd.

The application for withdrawal was filed under Section 12A of the I&B Code, 2016.

A settlement was reached between the Operational Creditor and the Corporate Debtor.

The default amount of Rs.2,38,15,350/- is being settled fully.

The default amount of USD 1,578,132 shall be settled via a subsequent settlement agreement.

The Applicant had not yet constituted the Committee of Creditors (CoC).

The Petitioner executed Form-FA dated 14.05.2025 seeking for withdrawing the company petition.

The Adjudicating Authority directed the Applicant to file the authorisation to withdraw the petition.

The Corporate Debtor is released from the rigours of CIRP.

The IRP is discharged from his duties.

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed based on the …

**Ratio:** Section 12A of the I&B Code allows for withdrawal of CIRP with the approval of 90% of

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**Reasoning:** The Adjudicating Authority considered the settlement between the Operational Creditor and

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**Interpretation:** The Adjudicating Authority interpreted Section 12A to allow for withdrawal of

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**Application:** The Adjudicating Authority allowed

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** M/s Wipr…; IRP…
- **Respondents:** M/s Avestha…

## Timeline

- **2025-06-09 — Order deliv…**: Order delivered allowing the…
- **2025-05-14 — Form-FA ex…**: The Petitioner executed Form-FA seeking…

## 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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