# In the matter of A&V Fashion House Pvt. Ltd. IB-2387-ND-2019

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01828. The Resolution Professional filed an application under Section 12-A of the IP Code, seeking…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/av-fashion-house-pvt-ltd-ib-2387-nd-2019-937748e7

## Summary

### Background

The Resolution Professional filed an application under Section 12-A of the IP Code, seeking permission to withdraw the main application based on Form FA received from the operational creditor. The public announcement's deadline for claim submissions was February 21, 2020, but the IRP received no claims, preventing the formation of a Committee of Creditors (CoC).

## Facts

The Resolution Professional filed an application under Section 12-A of the IP Code to withdraw the main application, supported by Form FA from the operational creditor. The last date for claim submissions was February 21, 2020, following a public announcement. However, the IRP did not receive any claims, preventing the formation of a Committee of Creditors (CoC). The Resolution Professional confirmed receiving all costs, and a settlement was reached between the parties. The court noted that the CoC was not constituted and no claims were received. The initial CIRP order was dated February 3, 2020.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be permitted to withdraw the application under Section …

**Ratio:** Section 12-A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court reasoned that since the Resolution Professional had received all costs, no

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**Interpretation:** Section 12-A is interpreted to facilitate settlements and avoid unnecessary

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**Application:** The court applied this principle by allowing the Resolution Professional to

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; V.K. SUB…
- **Appellants:** Manish G…
- **Respondents:** M/s. A & V…
- **Advocates:** Nitin K…; Vatsalya…

## Timeline

- **N/A — Application…**: The Resolution Professional filed an application under Section 12-A of the IP Code to…
- **2020-02-21 — Claim Submission…**: Last date for submission of claims…

## 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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