# 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-01218. 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-01218
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asp-computes-private-limited-ia-378-2020-in-iba-1195-2019-6da21819

## 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 against ASP Computers Pvt. Ltd. based on an order dated 05.05.2020. An Interim Resolution Professional (IRP) was appointed. The operational creditor and the corporate debtor jointly arrived at a compromise, and a 'Compromise Agreement' was entered into on 21.05.2020. The application for withdrawal was filed because no claims were submitted by the creditors, and no Committee of Creditors (CoC) was constituted.

## Facts

An application (IA/378/2020) was filed to withdraw a Section 9 application under the IBC, 2016. The CIRP was initiated against ASP Computers Pvt. Ltd., with Mr. Chandrasekhar Sagotoor as the Interim Resolution Professional (IRP). The initial order for CIRP was dated 05.05.2020. The IRP made the required paper publications in 'Financial Express' and 'Makkal Kural' on 10.05.2020. Despite 20 days elapsing, no claims were filed by the creditors. The operational creditor and the corporate debtor reached a compromise agreement on 21.05.2020. No Committee of Creditors (CoC) was formed. The application for withdrawal was filed under Section 12A of the IBC, 2016, read with Regulation 30A. The applicant submitted Form 'FA', indicating that the IRP's fees and expenses had been

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC, 2016, should be …

**Ratio:** The legal principle applied is that under certain circumstances, particularly when the

…

**Reasoning:** The tribunal reasoned that since no claims were submitted by the creditors, the CoC was

…

**Interpretation:** Section 12A of the IBC, 2016, allows for the withdrawal of an application

…

**Application:** In this specific case, the absence of creditor claims, the compromise

…

## Parties

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

## Timeline

- **2020-05-05 — Order for CIRP…**: Order was passed to initiate the Corporate Insolvency Resolution Process (CIRP) against…
- **2020-05-10 — Paper Publi…**: The Interim Resolution Professional (IRP) made paper publications in 'Financial Express'…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/asp-computes-private-limited-ia-378-2020-in-iba-1195-2019-6da21819