# In the matter of BTI Tex Pvt. Ltd. IA 763-2019 in C.P. (I.B) 360-NCLT-AHM-2018

> NCLT judgment dated 2019-12-05. Citation: TCN-2019-NCLT-00312. The case involves IA 763/2019 in C.P.(I.B) No. 360/NCLT/AHM/2018 before the National Company…

- **Court:** NCLT
- **Order date:** 5 Dec 2019
- **Citation:** TCN-2019-NCLT-00312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bti-tex-pvt-ltd-ia-763-2019-in-cp-ib-360-nclt-ahm-2018-65ddb6d3

## Summary

### Background

The case involves IA 763/2019 in C.P.(I.B) No. 360/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The instant IA is taken up on urgent circulation under section 12A r.w. Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The C.P.(I.B) 360/2018 filed under section 9 was admitted on 22.11.2019 appointing IRP. Thereafter, the Corporate Debtor settled the matter.

## Facts

The case pertains to IA 763/2019 in C.P.(I.B) No. 360/NCLT/AHM/2018. Pankaj Steel is involved in a case against BTI Tex Pvt. Ltd. The application was filed under Section 12A r.w. 60(5) of the Insolvency and Bankruptcy Code. The C.P.(I.B) 360/2018, filed under section 9, was admitted on 22.11.2019, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, the Corporate Debtor settled the matter. The instant application is filed under section 12A as the COC is not yet constituted. The petitioner is allowed to withdraw the application as they have paid the expenses of the IRP/RP. The order dated 22.11.2019 passed in C.P. (I.B) 360/2018 ceased to have any effect.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the application under Section 12A of the …

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

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the matter and the COC was

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the Corporate Debtor's settlement, coupled with the absence of a

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## Parties

- **Judges:** Manorama…
- **Appellants:** Pankaj…
- **Respondents:** BTI Tex Pvt…

## Timeline

- **2018-01-01 — C.P.(I.B) 360/2…**: C.P.(I.B) 360/2018 was…
- **2019-11-22 — Admission of C.P.(I.B)…**: C.P.(I.B) 360/2018 filed under section 9…

## 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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