# In the matter of Benzfab Technologies Pvt. Ltd. C.P.(IB) No. 201-KB-2018

> NCLT judgment dated 2018-08-30. Citation: TCN-2018-NCLT-00863. The case involves an application for withdrawal under Section 12(A) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Aug 2018
- **Citation:** TCN-2018-NCLT-00863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/benzfab-technologies-pvt-ltd-cpib-no-201-kb-2018-551051b3

## Summary

### Background

The case involves an application for withdrawal under Section 12(A) of the Insolvency and Bankruptcy Code after admission. The matter was settled out of the Tribunal, and compliance with Section 12(A) form A is submitted. The application's filing has been approved by the Committee of Creditors with a vote share of more than 90%.

## Facts

The matter CA(IB)809/KB/2018 came up for consideration for withdrawal under Section 12(A) of the Insolvency and Bankruptcy Code after admission. The matter was settled out of the Tribunal. Form A under Section 12(A) was submitted. The filing of the application has been approved by the Committee of Creditors with a vote share of more than 90%. No bank guarantee was produced, and the fees of the Resolution Professional and all resolution costs have been settled. The CP is allowed to be withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal under Section 12(A) of the Insolvency and Bankruptcy Code …

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

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**Reasoning:** The court reasoned that the matter was settled out of the Tribunal, and compliance with

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**Interpretation:** Section 12(A) provides a mechanism for withdrawing an application if the

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**Application:** In this case, the parties settled the matter, and the Committee of Creditors

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## Parties

- **Judges:** Jinan…
- **Respondents:** Swastika Steel…; Benzfab Technologi…

## Timeline

- **2018-08-30 — Hearing…**: Hearing held on August…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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