# In the matter of Cybermate Infotek Limited IA No. 1056 of 2020 in CP(IB)No. 215-7-HYD-2017

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03420. This case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cybermate-infotek-limited-ia-no-1056-of-2020-in-cpibno-215-7-hyd-2017-018f3fd3

## Summary

### Background

This case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking withdrawal of a company petition. The parties involved unanimously decided to settle their disputes, and the debt of the financial creditors was satisfactorily cleared. The Corporate Insolvency Resolution Process (CIRP) was initiated against Cybermate Infotek Ltd. based on a petition filed by Wincere Inc. An Interim Resolution Professional (IRP) was appointed. An appeal was filed against the initiation of CIRP, which was eventually dismissed. CIRP proceedings commenced, and a Committee of Creditors (CoC) was formed. Subsequently, an application was made for the liquidation of the Corporate Debtor, but later the CoC decided to withdraw the petition.

## Facts

Wincere Inc. filed a petition under Section 7 of the IBC to initiate CIRP against Cybermate Infotek Ltd. The petition was admitted on 2018-03-26, and Dr. K. Lakshmi Narasimha was appointed as the Interim Resolution Professional (IRP). Aggrieved by the order, one of the promoters filed an appeal before the NCLAT, and subsequently, the Supreme Court granted a stay. The Supreme Court remanded the matter to the NCLAT, which dismissed the appeal on 2020-05-22. CIRP proceedings commenced, and the IRP was confirmed as the Resolution Professional. Dr. K. Lakshmi Narasimha expressed his unwillingness to continue as the Resolution Professional and was replaced by Shri K.K. Rao on 2020-07-20. The CoC unanimously resolved to liquidate the company but later decided to withdraw the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition under Section 12A of the Insolvency …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The Tribunal considered the settlement entered into between the parties, the assurance

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the parties had reached a settlement, and the CoC had unanimously

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Respondents:** Cybermate Infotek…; Wincere…
- **Advocates:** A. Chandra…

## Timeline

- **2017-01-01 — Company Petiti…**: CP(IB) No. 215/07/HDB/20…
- **2018-03-26 — CIRP Init…**: Section 9 of IBC, 2016 on 26.03.2018 for initiation of CIRP against Corporate Debtor and…

## 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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