# In the matter of Classic And Continental Services Pvt. Ltd. CA (IB) No. 1510-KB-2019 in CP (IB) No. 1504-KB-2018

> NCLT judgment dated 2019-11-15. Citation: TCN-2019-NCLT-00588. The case involves M/s. Industrial Supply Syndicate Vs. M/s Classic And Continental Services…

- **Court:** NCLT
- **Order date:** 15 Nov 2019
- **Citation:** TCN-2019-NCLT-00588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/classic-and-continental-services-pvt-ltd-ca-ib-no-1510-kb-2019-in-cp-ib-no-1504-1260ce27

## Summary

### Background

The case involves M/s. Industrial Supply Syndicate Vs. M/s Classic And Continental Services Pvt. Ltd. The RP (Resolution Professional) filed CA(IB)No.1510/KB/2019 under Section 12A of the I & B Code, 2016, seeking withdrawal of the main petition CP(IB)No.1504/KB/2018. The basis for the withdrawal is a settlement reached between the parties after the admission of the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP).

## Facts

M/s. Industrial Supply Syndicate initiated insolvency proceedings against M/s Classic And Continental Services Pvt. Ltd. The Corporate Debtor was admitted into CIRP. Subsequently, the parties reached a settlement. The Resolution Professional (RP) then filed an application, CA(IB)No.1510/KB/2019, under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the initial insolvency petition, CP(IB)No.1504/KB/2018. The court noted the settlement and the RP's presence and representation.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition under Section 12A of the I&B Code, …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that since a settlement had been reached between the parties after the

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**Interpretation:** Section 12A is interpreted as providing a mechanism for parties to resolve

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**Application:** In this case, the court applied the principle of Section 12A by allowing the

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## Parties

- **Judges:** H.V. Subb…
- **Appellants:** M/s. Industrial…
- **Respondents:** M/s Classic And…
- **Advocates:** PANKAJ KA.…; Naresh Krv.…; +1 more

## Timeline

- **2018-01-01 — CP(IB)No.1504/KB/2018…**: The initial Corporate Insolvency Resolution Process (CIRP) application…
- **2019-11-15 — Hearing…**: Hearing held on November…

## 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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