# In the matter of Dhanversha Builders Pvt. Ltd. IB-915(ND)-2020

> NCLT judgment dated 2021-10-12. Citation: TCN-2021-NCLT-00752. The case involves an application under Section 12A of the IB Code, 2016, read with Regulation…

- **Court:** NCLT
- **Order date:** 12 Oct 2021
- **Citation:** TCN-2021-NCLT-00752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanversha-builders-pvt-ltd-ib-915nd-2020-8d0d3b31

## Summary

### Background

The case involves an application under Section 12A of the IB Code, 2016, read with Regulation 30A of CIRP Regulation 2016 and Rule 11 of NCLT Rules, 2016, along with an affidavit. The application pertains to M/s. Carol Infrastructure Pvt. Ltd. as the petitioner and M/s. Dhanversha Builders Pvt. Ltd. as the respondent.

## Facts

M/s. Carol Infrastructure Pvt. Ltd. initiated insolvency proceedings against M/s. Dhanversha Builders Pvt. Ltd. under Section 9 of the IBC. An application was filed under Section 12A of the IB Code, 2016, read with Regulation 30A of CIRP Regulation 2016 and Rule 11 of NCLT Rules, 2016. The Resolution Professional (RP) and the Operational Creditor's counsel made submissions. The court reviewed the Minutes of the CoC and the Settlement Agreement along with Form FA. The matter was then dismissed as withdrawn, relieving the Corporate Debtor from the CIRP process and discharging the RP. IA No. 3726 of 2021 was deemed infructuous.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IB Code, 2016, should be dismissed as withdrawn …

**Ratio:** The legal principle applied is that an application can be withdrawn if the parties

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**Reasoning:** The court reasoned that based on the submissions made by the RP, his Counsel, and the

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**Interpretation:** Section 12A of the IB Code allows for the withdrawal of an application under

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**Application:** In this specific case, the court applied the principle by reviewing the

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## Parties

- **Judges:** P.S.N. P…; BINOD K.…
- **Appellants:** M/s. Carol…
- **Respondents:** M/s. Dhanversha…

## Timeline

- **2021-10-12 — Order Del…**: Order delivered on…

## 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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