# In the matter of Cloudrie Technologies Pvt. Ltd. IA-3559-2020 in IB-2753-ND-2019

> NCLT judgment dated 2020-09-04. Citation: TCN-2020-NCLT-00721. The present application was filed by the Interim Resolution Professional (IRP) under Section…

- **Court:** NCLT
- **Order date:** 4 Sept 2020
- **Citation:** TCN-2020-NCLT-00721
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cloudrie-technologies-pvt-ltd-ia-3559-2020-in-ib-2753-nd-2019-2e022b87

## Summary

### Background

The present application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), seeking to withdraw the main Company Petition No. 2753/ND/2019. The IRP submitted that they received Form FA from the Operational Creditor, which was enclosed at page 14 of the application, indicating a settlement between the Operational Creditor and the Suspended Board of Director of the Corporate Debtor.

## Facts

The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC to withdraw the main Company Petition No. IB-2753/ND/2019. The IRP received Form FA from the Operational Creditor, indicating a settlement with the Suspended Board of Director of the Corporate Debtor. This Form FA was enclosed at page 14 of the application. The Resolution Professional's contention was supported by the counsel for the Operational Creditor and the Suspended Board of Director. The CoC was constituted and approved the settlement via a resolution dated August 28, 2020, with 100% voting, as shown on page 30 of the application. The key fact is the settlement between the Operational Creditor and the Suspended Board of Director, leading to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition No. IB-2753/ND/2019, as filed by the …

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

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**Reasoning:** The court considered the submissions made on behalf of the parties and the facts

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

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**Application:** In this case, the existence of Form FA, duly signed by the Operational

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** K K Infonet…
- **Respondents:** Cloudrie Technolog…

## Timeline

- **2019-01-01 — Company Petiti…**: Main application Company…
- **2020-08-28 — CoC Resol…**: The CoC approved the settlement vide resolution…

## 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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