# In the matter of Al-Noor Agro & Farm Products Pvt. Ltd. MA 3097/2019 in C.P.IB)-3659/(MB)/2018

> NCLT judgment dated 2019-10-14. Citation: TCN-2019-NCLT-01016. The case involves MA 3097/2019 filed by the Resolution Professional (RP) seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 14 Oct 2019
- **Citation:** TCN-2019-NCLT-01016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/al-noor-agro-farm-products-pvt-ltd-ma-30972019-in-cpib-3659mb2018-2b05a864

## Summary

### Background

The case involves MA 3097/2019 filed by the Resolution Professional (RP) seeking withdrawal of Company Petition 3659/2018, which had been admitted on 2019-05-30. The RP contends that after the admission of the petition under Section 9 of IBC, 2016, only three claims from Operational Creditors were received, leading to a CoC with only three members. The CoC decided on 2019-09-11 to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement is annexed as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC, with a 96.84% vote share, passed the resolution for withdrawal.

## Facts

The Resolution Professional filed MA 3097/2019 seeking to withdraw Company Petition 3659/2018, which had been admitted on 2019-05-30. The petition was initially admitted under Section 9 of the IBC, 2016. Following the admission, only three claims were received from Operational Creditors, resulting in a CoC comprising only three members. On 2019-09-11, the CoC decided to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement was attached as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC approved the resolution for withdrawal with a 96.84% vote share. The application stated that CIRP costs amounting to Rs.6,51,454/- had been received in full, with details provided in Annexure

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## Issues and analysis

### Issue 1: Whether the withdrawal of the Company Petition 3659/2018 is permissible under Section 12A of the …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of an application admitted under

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**Reasoning:** The court reasoned that the CoC, with a substantial majority (96.84%), had approved the

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** In this case, the CoC's approval, coupled with the settlement agreement and the

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** Real Soya…
- **Respondents:** Al-Noor Agro &…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition…
- **2019-05-30 — Petition Ad…**: Company Petition 3659/2018…

## 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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