# In the matter of Beackon Logistics Pvt. Ltd. M.A. No. 4121 of 2019 in C.P. No. 1577-I&B-2019

> NCLT judgment dated 2020-02-21. Citation: TCN-2020-NCLT-01842. The case involves an application filed by Devang Sampat, the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 21 Feb 2020
- **Citation:** TCN-2020-NCLT-01842
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/beackon-logistics-pvt-ltd-ma-no-4121-of-2019-in-cp-no-1577-ib-2019-a2e08bf1

## Summary

### Background

The case involves an application filed by Devang Sampat, the Interim Resolution Professional (IRP) of Beackon Logistics Pvt. Ltd., seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated by Fedex Express Transportation & Supply Chain Services (India) Pvt. Ltd. The CIRP was initiated vide order dated 05.11.2019. The application for withdrawal is based on a settlement reached between the parties.

## Facts

Fedex Express Transportation & Supply Chain Services (India) Pvt. Ltd. filed a petition against Beackon Logistics Pvt. Ltd., which was admitted on 05.11.2019, initiating the Corporate Insolvency Resolution Process (CIRP). Devang Sampat was appointed as the Interim Resolution Professional (IRP). Subsequently, a settlement was reached between Fedex and Beackon Logistics. Devang Sampat, as the IRP, filed a Miscellaneous Application seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The settlement was reached before the formation of the Committee of Creditors (CoC). The IRP communicated the CIRP cost to the petitioner, amounting to Rs.2,24,341/-. The application for withdrawal was made before the publication of a public

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the application admitted under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating Authority

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**Reasoning:** The court reasoned that since the settlement between the parties occurred before the

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**Interpretation:** Section 12A is interpreted to mean that the requirement for 90% CoC approval is

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**Application:** In this specific case, because the settlement was reached before the formation

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Devang S…
- **Respondents:** Beackon Logistics…

## Timeline

- **2019-11-05 — Admission of…**: The petition filed by Fedex Express Transportation & Supply Chain Services (India) Pvt.…
- **2019-11-05 — Confirmation of…**: The Bench confirmed the applicant, Mr. Devang P. Sampat, as Interim Resolution…

## 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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