# In the matter of Anrak Aluminium Ltd. IA No. 20-2019 (AMR) in TCP (IB) No. 36-7-AMR-2019 {CP (IB) No. 79-7-HDB-2018}

> NCLT judgment dated 2019-10-01. Citation: TCN-2019-NCLT-01138. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Oct 2019
- **Citation:** TCN-2019-NCLT-01138
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anrak-aluminium-ltd-ia-no-20-2019-amr-in-tcp-ib-no-36-7-amr-2019-cp-ib-no-79-7-h-1bdaaa8b

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of a company petition against M/s Anrak Aluminium Limited. State Bank of India, representing a consortium of banks, had initially filed the petition under Section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, the consortium approved a One Time Settlement (OTS) proposed by the Corporate Debtor before the constitution of the Committee of Creditors (CoC).

## Facts

State Bank of India (SBI), representing a consortium of banks, initiated insolvency proceedings against M/s Anrak Aluminium Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. This led to the case being registered as TCP (IB) No. 36/7/AMR/2019 and CP (IB) No. 79/7/HDB/2018. An Interim Resolution Professional (IRP) was appointed following the admission of the petition on 2019-09-19. Before the Committee of Creditors (CoC) could be formed, the Corporate Debtor proposed a One Time Settlement (OTS), which was approved by the consortium of financial creditors holding 100% voting share in their meeting on 2019-09-30. Consequently, the consortium sought to withdraw the company petition. The IRP also filed an application for

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition under Section 12A of the Insolvency …

**Ratio:** Section 12A of the IBC, 2016, allows the Adjudicating Authority to permit withdrawal of

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**Reasoning:** The court reasoned that since the consortium of banks, holding 100% voting share, had

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**Interpretation:** Section 12A and Regulation 30(A) are interpreted to allow for withdrawal of

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**Application:** In this case, the consortium of banks, representing all the financial

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## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** Madhusudhan Rao…
- **Respondents:** M/s Anrak…

## Timeline

- **2019-09-19 — Admission of…**: The Authority admitted the petition filed under Section 7 of the IBC and appointed the…
- **2019-09-30 — OTS Appr…**: The Consortium Lenders approved the One Time Settlement (OTS) proposed by the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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