# In the matter of Ahluwalia Contracts India Ltd. IA-2186 & 2199-ND-2021
 in (IB)-2135(ND)2019

> NCLT judgment dated 2021-05-12. Citation: TCN-2021-NCLT-02159. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 12 May 2021
- **Citation:** TCN-2021-NCLT-02159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ahluwalia-contracts-india-ltd-ia-2186-2199-nd-2021-in-ib-2135nd2019-abf19fd1

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A seeking withdrawal of IB-2135/ND/2019. The order initiating Corporate Insolvency Resolution Process (CIRP) was passed on May 5, 2021. The parties have amicably settled the matter, with payment made to the applicant and deposited in an escrow account. The applicant submitted Form 'FA' as consent for the application to the IRP. The Committee of Creditors (CoC) has not been formed, and no claims have been received or public notice issued. The IRP confirms that all charges have been paid and nothing is due. The assets and documents of the Corporate Debtor have not been taken over by the IRP.

## Facts

M/s A2 Interiors Products Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Ahluwalia Contracts India Ltd. An order initiating CIRP was passed on May 5, 2021. An Interim Resolution Professional (IRP), Mr. Satish Chugh, was appointed. Subsequently, the IRP filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP. The reason for the withdrawal was an amicable settlement between the parties, with payment made to the applicant and deposited in an escrow account. The applicant submitted Form 'FA' as consent for the application to the IRP. The Committee of Creditors (CoC) had not been formed, and no public notice had been issued. The IRP confirmed that all charges had been paid and

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of the

…

**Reasoning:** The court considered the fact that the parties had amicably settled the matter, with

…

**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when the parties involved

…

**Application:** In this case, the court applied the principle of Section 12A by allowing the

…

## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** M/s A2 Interiors…
- **Respondents:** M/s Ahluwalia…
- **Advocates:** Garima S…; Rishi K…; +5 more

## Timeline

- **2021-05-05 — Order initiat…**: Order initiating Corporate Insolvency…
- **2021-05-12 — Order del…**: Order delivered on 12.05.2021…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/nclt-chandigarh/ahluwalia-contracts-india-ltd-ia-2186-2199-nd-2021-in-ib-2135nd2019-abf19fd1