# In the matter of Ajay Protech Pvt. Ltd.

> Read the full IBC case summary for In the matter of Ajay Protech Pvt. Ltd.. NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-04578.

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-04578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ajay-protech-pvt-ltd-f09a1665

## Summary

### Background

The case involves an application for withdrawal of the main insolvency application under Section 12A of the IBC, following a settlement between the operational creditor and the corporate debtor, which was approved by the Committee of Creditors.

## Facts

Suresh Kumar Khandelwal, Sole Proprietor of G.S. Alloys & Steels, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ajay Protech Pvt Ltd. This application initiated insolvency proceedings against the corporate debtor. Subsequently, several interim applications (IAs) were filed by the Interim Resolution Professional (IRP) during the course of the proceedings.

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## Issues and analysis

### Issue 1: Whether the main insolvency application can be withdrawn under Section 12A of the IBC, 2016,…

**Ratio:** An insolvency application can be withdrawn under Section 12A of the IBC, 2016, if a…

**Reasoning:** The NCLT considered the settlement agreement executed between the parties, the approval…

**Interpretation:** Section 12A of the IBC, 2016, allows for the withdrawal of an application…

**Application:** In this case, the settlement between the Operational Creditor and Corporate…

## Parties

- **Judges:** DEEPTI M…; KAUSHALENDRA…
- **Advocates:** For the IRP:…; Jatin Chawla a.w.…; +1 more

## Timeline

- **July 19, 2022 — Order Del…**: The NCLT delivered the order disposing of the applications and allowing the withdrawal of…
- **June 30, 2022 — Settlement Agreement…**: The settlement agreement between the Operational Creditor and Corporate Debtor was duly…

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