# In the matter of Altius Travels Pvt. Ltd. IA 08 of 2021 in CP(IB) 726-NCLT-AHM-2020

> NCLT judgment dated 2021-01-15. Citation: TCN-2021-NCLT-03294. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 15 Jan 2021
- **Citation:** TCN-2021-NCLT-03294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/altius-travels-pvt-ltd-ia-08-of-2021-in-cpib-726-nclt-ahm-2020-063eb7ea

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of an insolvency application. The Committee of Creditors (COC) passed a resolution in its 2nd meeting on 19.12.2020 to withdraw the instant application. The resolution was chaired by Mr. Kailash Shah, the IRP. The Operational Creditor, M/s Shri Rani Sati Travel House, signed Form FA. Mr. Kailash Shah, IRP, received a copy of the instant application and acknowledged its receipt.

## Facts

Atul Gupta, proprietor of Shree Rani Sati Travel House, initiated insolvency proceedings against Kailash Shah RP For Altius Travels Pvt Ltd & Anr. An application was filed under Section 12A of the IBC, seeking withdrawal of the insolvency application. The Committee of Creditors (COC) passed a resolution on 19.12.2020 in its 2nd meeting to withdraw the application. Kailash Shah, the IRP, chaired the meeting where the resolution was passed. Form FA was signed by the proprietor of M/s Shri Rani Sati Travel House, the Operational Creditor. The Operational Creditor has cleared the dues of the IRP. The relevance of these facts is that they demonstrate the settlement between the parties and the fulfillment of the requirements for withdrawal under Section 12A of the IBC.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings under Section 12A of the IBC …

**Ratio:** The legal principle applied is that under Section 12A of the IBC, an application for

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**Reasoning:** The court reasoned that since there was a settlement between the parties and the COC had

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**Interpretation:** Section 12A of the IBC is interpreted to allow for the withdrawal of insolvency

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**Application:** In this case, the parties had reached a settlement, and the COC had passed a

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Sh. Atul…
- **Respondents:** Altius Travels…; Kailash S…
- **Advocates:** Vinod Kuma…; Monaal Da…

## Timeline

- **2020-12-19 — COC Resol…**: The Committee of Creditors passed a resolution to withdraw the instant application in its…
- **2021-01-15 — Order Da…**: The NCLT allowed the withdrawal of the application, discharged the IRP, and lifted 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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