# In the matter of Best Aluminium Fabricators Pvt. Ltd. I.A. No. 54-2021 in C.P.(IB)No. 22-BB-2020

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02858. Arihant Aluminium Corporation (Partnership Firm) filed I.A.No.54/2021 in C.P.(IB)No.22/BB/2020…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02858
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/best-aluminium-fabricators-pvt-ltd-ia-no-54-2021-in-cpibno-22-bb-2020-149c1827

## Summary

### Background

Arihant Aluminium Corporation (Partnership Firm) filed I.A.No.54/2021 in C.P.(IB)No.22/BB/2020 seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The initial petition, C.P.(IB)No.22/BB/2020, was filed under Section 9 of the IBC, 2016, and was admitted on 03.02.2021, leading to the initiation of CIRP, appointment of an Interim Resolution Professional (IRP), and imposition of a moratorium. Subsequently, the Corporate Debtor and the Operational Creditor reached an amicable settlement, and the Corporate Debtor offered to pay the outstanding dues as per a Settlement Agreement dated 06.02.2021. The IRP, Mr. Kedararam Ramratan Laddha, also provided his consent for the withdrawal.

## Facts

Arihant Aluminium Corporation (Partnership Firm) initiated Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor by filing C.P.(IB)No.22/BB/2020 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 03.02.2021, leading to the commencement of CIRP, appointment of an Interim Resolution Professional (IRP), and imposition of a moratorium. Subsequently, the Corporate Debtor and Arihant Aluminium Corporation reached an amicable settlement, with the Corporate Debtor agreeing to pay the outstanding dues as per a Settlement Agreement dated 06.02.2021. Arihant Aluminium Corporation then filed I.A.No.54/2021 seeking to withdraw the CIRP, supported by the consent of the IRP, Mr. Kedararam Ramratan Laddha, who provided a

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, allows the Adjudicating Authority to permit the withdrawal

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**Reasoning:** The court reasoned that the parties had arrived at an amicable settlement, and the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications when a

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**Application:** The court applied Section 12A to the facts of the case, noting that the parties

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Arihant Aluminium…

## Timeline

- **2020-01-01 — Filing of C.P.(IB)No.22/…**: C.P.(IB)No.22/BB/2020 was filed by M/s. Arihant Aluminium Corporation (Partnership Firm)…
- **2021-02-03 — Admission of C.P.(IB)No.…**: The Adjudicating Authority admitted C.P.(IB)No.22/BB/2020, initiating CIRP in respect of…

## 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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