# In the matter of Aquashield Chemtech Pvt. Ltd. IB-1761-ND-2019

> NCLT judgment dated 2019-12-19. Citation: TCN-2019-NCLT-00086. The case involves an application for withdrawal of a petition (No. 1761/ND/2019) under Section…

- **Court:** NCLT
- **Order date:** 19 Dec 2019
- **Citation:** TCN-2019-NCLT-00086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aquashield-chemtech-pvt-ltd-ib-1761-nd-2019-b52919ef

## Summary

### Background

The case involves an application for withdrawal of a petition (No. 1761/ND/2019) under Section 12A of the IBBI Code 2016 and Regulation 30 (A) (4) of the Insolvency Regulation 2016. The Resolution Professional filed the application. The operational creditor, who is also the petitioner, entered into an agreement with the corporate debtor for settlement.

## Facts

Mr. Korea Trade Insurance Corporation (Ksure) filed a petition (IB-1761/ND/2019) against M/s. Aquashield Chemtech Pvt. Ltd. under Section 9 of the IBC. The Resolution Professional filed an application to withdraw the petition under Section 12A of the IBBI Code 2016 and Regulation 30 (A) (4) of the Insolvency Regulation 2016. There was no financial creditor, and the petitioner was the sole operational creditor. The COC, consisting only of the applicant, approved the withdrawal. The operational creditor entered into a settlement agreement with the corporate debtor. The CIRP cost was received by the RP. The matter was placed before the 3rd COC held on December 12, 2019, and it was resolved by 100 per cent voting.

## Issues and analysis

### Issue 1: Whether the Resolution Professional can withdraw the petition No. 1761/ND/2019 under Section 12A of …

**Ratio:** The Resolution Professional can withdraw the petition if the COC approves and the court

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**Reasoning:** The court considered the submissions made on behalf of the Resolution Professional, the

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**Interpretation:** Section 12A of the IBBI Code and Regulation 30 (A) (4) of the Insolvency

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**Application:** In this case, the COC approved the withdrawal, and the court found it proper to

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; V.K. SUB…
- **Appellants:** Korea Trade…
- **Respondents:** M/s. Aquashield…

## Timeline

- **2019-12-12 — COC Meet…**: The 3rd COC meeting was held, and a resolution was passed with 100% voting to authorize…
- **2019-12-19 — Order Del…**: The order was delivered dismissing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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