# In the matter of ASP Computes Private Limited IA-378-2020 in IBA-1195-2019

> NCLT judgment dated 2020-06-09. Citation: TCN-2020-NCLT-01220. The case involves an application (IA/378/2020 IN IBA/1195/2019) filed for the withdrawal of a…

- **Court:** NCLT
- **Order date:** 9 Jun 2020
- **Citation:** TCN-2020-NCLT-01220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asp-computes-private-limited-ia-378-2020-in-iba-1195-2019-5df28689

## Summary

### Background

The case involves an application (IA/378/2020 IN IBA/1195/2019) filed for the withdrawal of a Section 9 application under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) in relation to the Corporate Debtor, with an order dated 05.05.2020. The Interim Resolution Professional (IRP) was appointed by the Tribunal. The IRP made paper publications as required under the IBC, 2016, in “Financial Express” and “Makkal Kural” on 10.05.2020. The Operational Creditor and the Corporate Debtor jointly arrived at a compromise and a "Compromise Agreement" was entered into on 21.05.2020.

## Facts

An application was filed for withdrawal of a Section 9 application under Section 12A of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated under Section 9 of the IBC, 2016, in relation to the Corporate Debtor, with an order dated 05.05.2020. The Interim Resolution Professional (IRP) was appointed. The IRP made paper publications in “Financial Express” and “Makkal Kural” on 10.05.2020. Despite 20 days elapsing, no claims were filed by the Creditors of the Corporate Debtor. The Operational Creditor and the Corporate Debtor jointly arrived at a compromise and a "Compromise Agreement" was entered into on 21.05.2020. No Committee of Creditors (CoC) was constituted. Form 'FA' submitted by the Applicant / Operational Creditor has been annexed as

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 9 application under Section 12A of the …

**Ratio:** The Tribunal has the power to exercise Rule 11 of NCLT Rules, 2016, when the CoC has not

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**Reasoning:** The Tribunal considered that no claims were submitted by the creditors, no Committee of

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**Interpretation:** Section 12A of the IBC allows for withdrawal of an application admitted under

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**Application:** Given the compromise between the parties, the lack of creditor claims, and the

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Chandrasekhar…
- **Respondents:** ASP Computers…

## Timeline

- **2020-05-05 — Order Da…**: Order initiating the Corporate Insolvency Resolution Process (CIRP) under Section 9 of…
- **2020-05-10 — Paper Publi…**: The Interim Resolution Professional (IRP) made paper publications in “Financial Express”…

## 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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