# In the matter of Atek Infovision Pvt. Ltd. IB-2660-ND-2019

> NCLT judgment dated 2020-03-18. Citation: TCN-2020-NCLT-01472. The Resolution Professional moved an application under Section 12A read with Regulation 30A of…

- **Court:** NCLT
- **Order date:** 18 Mar 2020
- **Citation:** TCN-2020-NCLT-01472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atek-infovision-pvt-ltd-ib-2660-nd-2019-d67f9d1c

## Summary

### Background

The Resolution Professional moved an application under Section 12A read with Regulation 30A of IBBI (IRP for CP Regulations 2016 read with Rule 11 of NCLT Rules 2016 seeking permission for withdrawal of the petition No. IB/2660/ND/2019. This was due to an amicable settlement between the parties.

## Facts

M/s. Aasra E-Tronics, the petitioner, initiated a corporate insolvency resolution process (CIRP) against M/s. Atek Infovision Pvt. Ltd., the respondent. The Resolution Professional filed an application seeking withdrawal of the petition due to an amicable settlement between the parties. The IRP confirmed receipt of fees and expenses, and the operational creditor stated that the full amount had been received. The corporate debtor's counsel was present. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The petition was dismissed as withdrawn, and the IRP was exempted from further action in

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## Issues and analysis

### Issue 1: Whether the petition for corporate insolvency resolution process can be withdrawn based on an …

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

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**Reasoning:** The court considered the amicable settlement between the parties and the confirmation

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**Interpretation:** Section 12A and Rule 8 provide a mechanism for parties to resolve disputes

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**Application:** In this case, the amicable settlement between M/s. Aasra E-Tronics and M/s.

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** M/s. Aasra…
- **Respondents:** M/s. Atek…
- **Advocates:** Mohd. Hashi…; Saral S…; +1 more

## Timeline

- **2020-03-18 — Order Del…**: Order delivered on 18.03.2020…

## 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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