# In the matter of Ahuja Roller Flour Mill Pvt. Ltd. (IB)-1323(ND)2019

> NCLT judgment dated 2019-11-08. Citation: TCN-2019-NCLT-00670. The case involves an application (CA No. 477/2019) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 8 Nov 2019
- **Citation:** TCN-2019-NCLT-00670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ahuja-roller-flour-mill-pvt-ltd-ib-1323nd2019-27b21127

## Summary

### Background

The case involves an application (CA No. 477/2019) filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Insolvency and Bankruptcy (IB) application under Section 12A of the IB Code. The Corporate Debtor, Operational Creditor, and the sole Financial Creditor (YES Bank Limited) settled the matter. The Resolution Professional was informed to place the settlement for approval before the Committee of Creditors (COC). The sole member of COC, YES Bank Limited, confirmed their consent and gave no objection for the withdrawal via a letter dated 15.10.2019.

## Facts

M/s Barflex Polyfilms Pvt Ltd filed an IB application under Section 9 of the IBC. During the Corporate Insolvency Resolution Process (CIRP), the Operational Creditor, Corporate Debtor, and the sole Financial Creditor (YES Bank Limited) reached a settlement. YES Bank, being the sole member of the Committee of Creditors (COC), provided its consent for the withdrawal of the IB application via a letter dated 15.10.2019. The IRP confirmed that all fees and expenses had been paid via cheque No. 700136 dated 04.11.2019. The Ex-Director assured that the same shall be honoured. The IRP then filed CA No. 477/2019 seeking withdrawal of the IB application. The court considered the submissions and allowed the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the IB application under Section 12A of the IB Code can …

**Ratio:** Section 12A of the IB Code allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the settlement reached between the Corporate Debtor, Operational

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

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**Application:** In this case, the sole member of the COC, YES Bank, consented to the

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** M/s Barflex…
- **Respondents:** Ahuja Roller…

## Timeline

- **2019-10-15 — YES Bank's…**: YES Bank Limited, the sole member of COC, confirmed their consent and gave no objection…
- **2019-11-04 — Payment of I…**: All fees and expenses of the IRP…

## 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)

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