# In the matter of Adarsh Snacks Private Limited Company Application No. 381-ALD-2019 in Company Petition No. 334-ALD-2018

> NCLT judgment dated 2020-01-28. Citation: TCN-2020-NCLT-02158. The case pertains to a Company Petition (CP-334/ALD/2018) filed by the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 28 Jan 2020
- **Citation:** TCN-2020-NCLT-02158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adarsh-snacks-private-limited-company-application-no-381-ald-2019-in-company-pet-13db3556

## Summary

### Background

The case pertains to a Company Petition (CP-334/ALD/2018) filed by the Operational Creditor, M/s Jayesh Tradex Private Limited, against the Corporate Debtor, M/s Adarsh Snacks Private Limited, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 21.05.2019. The Applicant was appointed as the Interim Resolution Professional (IRP). The IRP received only one claim from the Operational Creditor, leading to the constitution of the Committee of Creditors (COC). Subsequently, the Operational Creditor submitted Form FA for withdrawal of the application under Section 12A of the IBC. The COC approved the withdrawal with 100% approval, and the suspended Directors paid an amount towards estimated

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## Facts

M/s Jayesh Tradex Private Limited, the Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Adarsh Snacks Private Limited, the Corporate Debtor, by filing Company Petition No. 334/ALD/2018 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on May 21, 2019. Manish Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP received only one claim from the Operational Creditor, amounting to Rs 9,74,816/-, which constituted 100% of the voting rights in the Committee of Creditors (COC). The IRP convened multiple COC meetings. Subsequently, the Operational Creditor submitted Form FA to withdraw the application under Section 12A of the IBC. The COC approved the withdrawal with 100%

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition (CP-334/ALD/2018) under Section 12A …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court considered that the Operational Creditor, being the sole claimant, had approved

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes and withdraw

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**Application:** In this case, the Operational Creditor, being the sole claimant, effectively

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Manish Ag…
- **Respondents:** M/s Adarsh Snacks…; M/s Jayesh Tradex…

## Timeline

- **2018-01-01 — Company Petiti…**: M/s Jayesh Tradex Private Limited filed Company Petition (IB)-334/ALD/2018 against M/s…
- **2019-05-21 — CIRP Comm…**: Corporate Insolvency Resolution Process (CIRP)…

## 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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