# 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-02865. 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-02865
- **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-a56fbec3

## 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 admitted by the Adjudicating Authority on 03.02.2021, leading to the initiation of CIRP and appointment of an Interim Resolution Professional (IRP). Subsequently, the parties 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 also provided a consent letter 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. Subsequently, the Corporate Debtor and the Operational Creditor, Arihant Aluminium Corporation, reached an amicable settlement on 06.02.2021, wherein the Corporate Debtor agreed to pay the outstanding dues. In light of the settlement, Arihant Aluminium Corporation filed I.A.No.54/2021 seeking to withdraw the CIRP. The Interim Resolution Professional (IRP), Mr. Kedararam Ramratan Laddha, provided his consent for the withdrawal. The application for withdrawal was

…

## Issues and analysis

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

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

…

**Reasoning:** The court reasoned that the parties had arrived at an amicable settlement to resolve

…

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

…

**Application:** In this case, the court applied Section 12A and Regulation 30A to allow the

…

## 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 Arihant Aluminium Corporation under Section 9 of the…
- **2021-02-03 — Admission of C.P.(IB)No.…**: The Adjudicating Authority admitted C.P.(IB)No.22/BB/2020, initiating CIRP against the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/best-aluminium-fabricators-pvt-ltd-ia-no-54-2021-in-cpibno-22-bb-2020-a56fbec3