# In the matter of Alpha Nippon Innovatives Ltd. IA 781 of 2020 in CP (IB) 92-NCLT-AHM-2020

> NCLT judgment dated 2020-11-12. Citation: TCN-2020-NCLT-00262. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 12 Nov 2020
- **Citation:** TCN-2020-NCLT-00262
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpha-nippon-innovatives-ltd-ia-781-of-2020-in-cp-ib-92-nclt-ahm-2020-3921f9bc

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code to withdraw CP (IB) 92 of 2020 due to a settlement between the parties. An earlier application under Section 9 of the I&B Code had been admitted on 02.11.2020, leading to the appointment of Mr. Nimai Gautam Shah as the Interim Resolution Professional (IRP). The corporate debtor subsequently entered into a settlement, prompting the applicant, the original operational creditor (Parag Charia Proprietor of Ami Enterprise), to file the withdrawal application.

## Facts

On 02.11.2020, an application filed under Section 9 of the I&B Code was admitted, and Mr. Nimai Gautam Shah was appointed as IRP. Subsequently, the corporate debtor, Ami Enterprise, reached a settlement with the original operational creditor, Parag Charia. As a result, the operational creditor filed an application (IA 781 of 2020) under Section 12A of the IBC to withdraw the initial CIRP application (CP (IB) 92 of 2020). The Committee of Creditors (CoC) had not yet been constituted. The applicant stated that the dues of the IRP had been paid. The key fact is the settlement between the parties after the admission of the Section 9 application but before the formation of the CoC, which allowed for the withdrawal application under Section 12A.

## 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 an application admitted under Section

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**Reasoning:** The court reasoned that since the parties had reached a settlement and the CoC had not

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications based on

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**Application:** The court applied the ratio to the facts by noting the settlement between Parag

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Ami Enter…

## Timeline

- **2020-11-02 — Admission of Section 9…**: An application filed under Section 9 of the I&B Code was admitted, and Mr. Nimai Gautam…
- **2020-11-12 — Order Da…**: The court allowed the application to withdraw the CIRP, set aside the order admitting the…

## 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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