# In the matter of Bevcon Wayors Private Limited IA No. 920-2019 in CP (IB) No. 219-9-HDB-2019

> NCLT judgment dated 2019-10-23. Citation: TCN-2019-NCLT-00843. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Oct 2019
- **Citation:** TCN-2019-NCLT-00843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bevcon-wayors-private-limited-ia-no-920-2019-in-cp-ib-no-219-9-hdb-2019-6f28b659

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw the Company Petition CP(IB)No.219/9/HDB/2019. The petition was initially admitted under Section 9 of the IBC by the Operational Creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The IRP was appointed and directed to take necessary actions. Before the issuance of a public announcement, the operational creditor and corporate debtor reached a settlement, prompting the operational creditor to file Form-FA for withdrawal of the Company Petition. The operational creditor also submitted Form-FA duly signed by the Managing

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## Facts

On 18.10.2019, the tribunal admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Bevcon Wayors Private Limited. Shri Ahalada Rao Vummenthala was appointed as the Interim Resolution Professional (IRP). Before a public announcement was made, the operational creditor and the corporate debtor reached a settlement. Consequently, the operational creditor filed Form-FA for withdrawal of the Company Petition and submitted it on 22.10.2019. The IRP reported to the tribunal that the parties had settled the matter and requested the withdrawal of the petition. The Committee of Creditors (COC) had not yet been constituted. The

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A

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**Reasoning:** The tribunal reasoned that the parties had settled the matter amicably, and the IRP had

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**Interpretation:** Section 12A of the IBC allows for withdrawal of CIRP applications based on

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**Application:** In this case, the operational creditor and corporate debtor reached a

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…
- **Appellants:** Avishkar Industrie…
- **Respondents:** Bevcon Wayors…; Bevcon Wayors Pvt…

## Timeline

- **2019-10-18 — Petition Ad…**: The tribunal admitted the petition filed under Section 9 of the IBC by the Operational…
- **2019-10-22 — Form-FA Sub…**: The operational creditor submitted Form-FA…

## 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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