# In the matter of Budhale Engineer Pvt. Ltd. I.A. 598-2020 In C.P.(IB)-1859(MB)-2019

> NCLT judgment dated 2021-02-11. Citation: TCN-2021-NCLT-03073. The case involves an application filed by the Resolution Professional under Section 12A of the…

- **Court:** NCLT
- **Order date:** 11 Feb 2021
- **Citation:** TCN-2021-NCLT-03073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/budhale-engineer-pvt-ltd-ia-598-2020-in-cpib-1859mb-2019-5d45d9a5

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 12A of the IBC, 2016, seeking withdrawal of the main company petition bearing no. 1859/2019. The Counsel appearing for the RP filed an additional affidavit bringing on record the details of payment made by the corporate debtor by entering into the consent terms.

## Facts

The Resolution Professional filed an application under Section 12A of the IBC, 2016, seeking withdrawal of the main company petition bearing no. 1859/2019. The application was supported by an additional affidavit filed by the RP's counsel, which contained details of payment made by the corporate debtor. The payment was made by entering into consent terms. The court considered the affidavit and the consent terms before allowing the withdrawal of the company petition. The key fact is the payment made by the corporate debtor, which led to the consent terms and the subsequent application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition filed by the Resolution Professional …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the additional affidavit filed by the Resolution Professional, which

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** In this case, the corporate debtor made payments, and the Resolution

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Gold Ispat…
- **Respondents:** Budhale Engineer…

## Timeline

- **2021-02-11 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2019-01-01 — Company Petiti…**: Main company petition…

## 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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