# In the matter of Electro Poles Products Pvt. Ltd. CA (IB) No. 105-KB-2020 in CP(IB)No. 1325-KB-2018

> NCLT judgment dated 2020-01-17. Citation: TCN-2020-NCLT-02298. The case involves a settlement application filed by the Operational Creditor under Section 12A…

- **Court:** NCLT
- **Order date:** 17 Jan 2020
- **Citation:** TCN-2020-NCLT-02298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/electro-poles-products-pvt-ltd-ca-ib-no-105-kb-2020-in-cpibno-1325-kb-2018-7fc50863

## Summary

### Background

The case involves a settlement application filed by the Operational Creditor under Section 12A of the Insolvency and Bankruptcy Code (IBC) to record the settlement of a dispute between the Operational Creditor and the Corporate Debtor. The Corporate Debtor is seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP).

## Facts

Super Smelters Ltd. is in a dispute with Electro Poles Products Pvt. Ltd. An application, CA(IB) No. 105/KB/2020, was filed under Section 12A of the IBC by the Operational Creditor (Electro Poles Products Pvt. Ltd.) to record the settlement of the dispute. The Corporate Debtor (Super Smelters Ltd.) sought withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CoC had not been constituted, and a settlement agreement was entered into as per Rule 11 of the NCLT Rules, 2016. The IRP reported that no claims were received pursuant to the publication of notice in newspapers. The Operational Creditor's fees and costs have been paid by the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the Operational Creditor and the Corporate Debtor can be …

**Ratio:** A settlement agreement can be recorded if the Committee of Creditors (CoC) has not been

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**Reasoning:** The court reasoned that since the CoC had not been constituted and the settlement

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

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**Application:** In this case, the CoC had not been constituted, and the settlement agreement

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Super Smelters…

## Timeline

- **2020-01-17 — Hearing…**: Hearing held on January…
- **N/A — Filing of CA(IB) No.…**: CA(IB) No. 105/KB/2020 filed under Section 12A of the IBC by the Operational Creditor for…

## 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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