# In the matter of Cross Road Buildcon Pvt. Ltd. IB-2157-ND-2019

> NCLT judgment dated 2020-06-29. Citation: TCN-2020-NCLT-01104. The case involves M/s Ultratech Cement Ltd. as the petitioner (operational creditor) and M/s.…

- **Court:** NCLT
- **Order date:** 29 Jun 2020
- **Citation:** TCN-2020-NCLT-01104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cross-road-buildcon-pvt-ltd-ib-2157-nd-2019-5f5ffb78

## Summary

### Background

The case involves M/s Ultratech Cement Ltd. as the petitioner (operational creditor) and M/s. Cross Road Buildcon Pvt. Ltd. as the respondent (corporate debtor). The matter was brought under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) confirmed that no amount is due towards the services rendered, including expenses.

## Facts

M/s Ultratech Cement Ltd. initiated insolvency proceedings against M/s. Cross Road Buildcon Pvt. Ltd. under Section 9 of the IBC. Ms. Deepa Sharma represented the operational creditor/petitioner, while Mr. Pardeep Kumar Mishra represented the respondent/corporate debtor. Mr. Devendra Lodha served as the IRP. The IRP confirmed that no amount was due for services rendered, including expenses. The operational creditor acknowledged receiving the due amount and applied for withdrawal of the matter under Section 12(A) of the IBC. This acknowledgment and subsequent withdrawal application are key facts leading to the dismissal of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the matter under Section 12(A) of the IBC should be …

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

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**Reasoning:** The court reasoned that since the operational creditor acknowledged receiving the due

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**Interpretation:** Section 12(A) is interpreted to facilitate settlements between the operational

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**Application:** In this specific case, the operational creditor's acknowledgment of receiving

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## Parties

- **Judges:** P.S.N. P…; Narender Kumar…
- **Appellants:** M/s. Ultratech…
- **Respondents:** M/s. Cross Road…

## Timeline

- **2020-06-29 — Order Del…**: Order delivered on 29.06.2020, allowing the withdrawal application and dismissing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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