# In the matter of Effimac Equipments Pvt. Ltd. (IB)-552(ND)2018

> NCLT judgment dated 2018-08-31. Citation: TCN-2018-NCLT-00845. An application has been filed under Section 12(A) of the IBC for withdrawal of the proceedings.…

- **Court:** NCLT
- **Order date:** 31 Aug 2018
- **Citation:** TCN-2018-NCLT-00845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/effimac-equipments-pvt-ltd-ib-552nd2018-4a945971

## Summary

### Background

An application has been filed under Section 12(A) of the IBC for withdrawal of the proceedings. The applicant submitted that the entire dues have been settled, and a resolution has been passed by the COC comprising a single Financial Creditor approving the withdrawal of the present proceedings.

## Facts

The key facts are as follows: An application was filed under Section 12(A) of the IBC for the withdrawal of CIR proceedings. The entire dues had been settled. The COC, comprising a single Financial Creditor, approved the withdrawal. The Corporate Debtor undertook to pay all expenses involved in the process. These facts are relevant because they demonstrate compliance with the requirements for withdrawal of CIR proceedings under the IBC.

## Issues and analysis

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

**Ratio:** The legal principle applied is that under Section 12(A) of the IBC, an application for

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**Reasoning:** The court reasoned that since the entire claim has been settled and the COC, comprising a

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**Interpretation:** Section 12(A) of the IBC allows for the withdrawal of CIR proceedings under

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**Application:** In this case, the ratio and reasoning are applied to the specific facts where

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Respondents:** M/s. CG Power and…

## Timeline

- **2018-08-31 — Hearing…**: Hearing before the New Delhi Bench of…

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