# In the matter of Bright Buildtech Pvt. Ltd. CA-927-C-V-ND-2020 in IB-1493-ND-2019

> NCLT judgment dated 2020-02-03. Citation: TCN-2020-NCLT-02105. An application bearing no. CA-927/C-V/ND/2020 was filed by the IRP under Section 12A read with…

- **Court:** NCLT
- **Order date:** 3 Feb 2020
- **Citation:** TCN-2020-NCLT-02105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bright-buildtech-pvt-ltd-ca-927-c-v-nd-2020-in-ib-1493-nd-2019-9f65acf8

## Summary

### Background

An application bearing no. CA-927/C-V/ND/2020 was filed by the IRP under Section 12A read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate persons) Regulation, 2016 along with rule 11 of the NCLT Rules, seeking permission to withdraw the application based on Form-FA. The IRP submitted that no Committee of Creditors (CoC) was constituted, and the matter has been settled between the parties. No claims were received following the public announcement. The IRP also enclosed Form-FA with the application.

## Facts

M/s Suresh Chand & Sons LLP, through its authorized representative, filed an application against Bright Buildtech Pvt Ltd. The IRP filed an application (CA-927/C-V/ND/2020) under Section 12A of the IBC read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, seeking to withdraw the application. No CoC was constituted, and the matter was settled between the parties. No claims were received following the public announcement. The IRP received his cost and fee, and no other dues were pending against the Corporate Debtor. The IRP enclosed Form-FA with the application.

## Issues and analysis

### Issue 1: Whether the IRP should be permitted to withdraw the application under Section 12A of the IBC read …

**Ratio:** Section 12A of the IBC and Regulation 30A of the IBBI Regulations, 2016, allow for the

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**Reasoning:** The court reasoned that since no CoC was constituted, the matter had been settled between

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for settling disputes

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**Application:** The court applied the provisions of Section 12A and Regulation 30A to the facts

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s Suresh Chand…
- **Respondents:** Bright Buildtech…
- **Advocates:** Akas…; Abhinav V…; +3 more

## Timeline

- **2020-01-22 — Previous…**: An order was issued,…
- **2020-02-03 — Order Del…**: The order allowing the withdrawal…

## 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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