# In the matter of Amaresh Rice Mills Pvt.  Ltd. CA(IB)No. 49-KB-2020 in CP (IB) No. 986-KB-2018

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02447. The case involves an application for withdrawal of insolvency proceedings under Section 12A of…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amaresh-rice-mills-pvt-ltd-caibno-49-kb-2020-in-cp-ib-no-986-kb-2018-9ecbb9da

## Summary

### Background

The case involves an application for withdrawal of insolvency proceedings under Section 12A of the IBC, based on a settlement reached between the parties. The Committee of Creditors (CoC) approved the withdrawal with 100% votes in a meeting held on December 30, 2019.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Amaresh Rice Mills Pvt. Ltd. United Bank of India is the financial creditor. An application CA(IB) 49/KB/2020 was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the CIRP. The basis for the withdrawal was a settlement reached between the parties involved. The Committee of Creditors (CoC) approved the resolution for withdrawal with 100% votes in its meeting held on December 30, 2019. Neither the financial creditor nor the corporate debtor appeared before the court. The IRP was also absent.

## 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 CIRP if the Adjudicating Authority

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**Reasoning:** The court reasoned that the parties had settled the dispute, and the CoC had approved the

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the IRP filed an application under Section 12A for withdrawal of

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Amaresh Rice…; United Bank of…

## Timeline

- **2019-12-30 — CoC Meet…**: The Committee of Creditors (CoC) approved the resolution for withdrawal of the CIRP with…
- **2020-01-08 — Hearing…**: Attendance-Cum-Order sheet of 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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