# In the matter of Arihant Pumps Pvt. Ltd. IA 780 of 2019 in C.P. (I.B) No. 498-NCLT-AHM-2018

> NCLT judgment dated 2020-01-22. Citation: TCN-2020-NCLT-02228. The case pertains to IA 780 of 2019 filed in C.P.(I.B) No.498/NCLT/AHM/2018 before the National…

- **Court:** NCLT
- **Order date:** 22 Jan 2020
- **Citation:** TCN-2020-NCLT-02228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/arihant-pumps-pvt-ltd-ia-780-of-2019-in-cp-ib-no-498-nclt-ahm-2018-09795ffc

## Summary

### Background

The case pertains to IA 780 of 2019 filed in C.P.(I.B) No.498/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC). The Operational Creditor sought withdrawal of the application.

## Facts

The case involves Siddheshwari Industries as the company name, with Arihant Pumps Pvt Ltd likely being the Corporate Debtor. An application, IA 780 of 2019, was filed under Section 12A of the Insolvency and Bankruptcy Code. The Operational Creditor sought to withdraw the application. The IRP, Manish Bhagat, confirmed that a settlement had been reached between the Operational Creditor and the Corporate Debtor and that his dues and remuneration had been cleared. The application CP(IB) 498/2018 was also pending. The key fact is the settlement between the parties, leading to the withdrawal application. The settlement and clearance of IRP dues are crucial for the court's decision to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IA 780/2019 under Section 12A of the Insolvency and …

**Ratio:** An application for withdrawal can be allowed if the matter is settled between the

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**Reasoning:** The court considered the submissions of the learned lawyer appearing on behalf of the

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**Interpretation:** Section 12A of the IBC allows for withdrawal of an application if certain

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**Application:** In this case, the settlement between Siddheshwari Industries and Arihant Pumps

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Arihant Pumps Pvt…

## Timeline

- **2019-01-01 — Filing of IA…**: IA 780 of 2019 was…
- **2018-01-01 — Filing of CP(IB)…**: CP(IB) 498/2018 was…

## 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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