# In the matter of Andavar Home Creators Private Limited MA-243-2018 In CP-58-(IB)-CB-2018

> NCLT judgment dated 2018-07-25. Citation: TCN-2018-NCLT-01079. The case involves an application filed under Section 12A of the IB Code (Amendment) Ordinance,…

- **Court:** NCLT
- **Order date:** 25 Jul 2018
- **Citation:** TCN-2018-NCLT-01079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/andavar-home-creators-private-limited-ma-243-2018-in-cp-58-ib-cb-2018-18228339

## Summary

### Background

The case involves an application filed under Section 12A of the IB Code (Amendment) Ordinance, 2018, concerning M/s. Andavar Home Creators Private Limited. Shri S.V. Pravin Rathinam, the applicant and financial creditor, initiated proceedings against Andavar Home Creators Private Limited, the corporate debtor, and M/s. Punjab and Sind Bank, the 2nd respondent and financial creditor. The applicant and the 2nd respondent bank submitted their claims to the IRP. The Committee of Creditors (COC) was constituted on 21.04.2018.

## Facts

Shri S.V. Pravin Rathinam, acting as the Applicant/Financial Creditor, initiated a case against M/s. Andavar Home Creators Private Limited, the Corporate Debtor. Punjab & Sind Bank was the 2nd Respondent/Financial Creditor. The Applicant claimed Rs. 41,15,475.64/-, while the 2nd Respondent Bank claimed Rs. 5,88,59,261.70/-, totaling Rs. 6,29,74,740.34/-. The Committee of Creditors (COC) was constituted on 2018-04-21. The 1st COC meeting was held on 2018-04-28, where the applicant informed the IRP that the 2nd Respondent Bank had provided a loan to the Corporate Debtor based on a guarantee from the applicant and Mr. K.G Soundarajan. A One Time Settlement (OTS) was proposed by the applicant on behalf of the Corporate Debtor for Rs. 5.59 crores to the 2nd Respondent

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main company petition against the Corporate Debtor …

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

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**Reasoning:** The Committee of Creditors (COC) resolved with a 100% voting share to file an application

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**Interpretation:** Section 12A provides a mechanism for the resolution of disputes outside the

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**Application:** In this case, the COC approved the withdrawal with 100% voting share,

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## Parties

- **Judges:** K. Anantha…; S. VIJAYARA…
- **Appellants:** Shri. S.V. Pravin…
- **Respondents:** M/s. Andavar Home…

## Timeline

- **2018-04-21 — COC Consti…**: The Committee of…
- **2018-04-28 — 1st COC M…**: The 1st Meeting of Committee of Creditors was held, where the applicant informed the IRP…

## 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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