# In the matter of Exclusive Steel and Casting Ltd. IA No. 379 of 2020 in CP(IB) 674-2019

> NCLT judgment dated 2020-07-16. Citation: TCN-2020-NCLT-01021. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 16 Jul 2020
- **Citation:** TCN-2020-NCLT-01021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/exclusive-steel-and-casting-ltd-ia-no-379-of-2020-in-cpib-674-2019-02c81966

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of an IB Petition (CP(IB) No. 674 of 2019) that was previously admitted by the Adjudicating Authority. The Operational Creditor filed Form FA, which is annexed with the application, indicating their consent for withdrawal. The matter was affirmed by the Hon'ble Supreme Court in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors.

## Facts

An IB Petition (CP(IB) No. 674 of 2019) was admitted by the Adjudicating Authority. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of the IB Petition. The Operational Creditor submitted Form FA, indicating their consent for withdrawal. The IRP confirmed that all payments for professional fees and expenses had been received. The Adjudicating Authority considered the application and the Supreme Court's decisions in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors. The relevance of the facts lies in demonstrating the fulfillment of conditions for withdrawal of the IB Petition, including the Operational Creditor's consent and the IRP's confirmation of payment.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should permit the withdrawal of the IB Petition (CP(IB) No. 674 …

**Ratio:** The Hon'ble Supreme Court in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt.

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's decisions and the fact that the

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Application:** In this case, the Operational Creditor's consent, as evidenced by Form FA, and

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## Parties

- **Judges:** Manorama…
- **Respondents:** Exclusive Steel &…; Union of…
- **Advocates:** Vinit N…

## Timeline

- **2019-01-01 — Filing of CP(IB) No.…**: CP(IB) No. 674 of 2019…
- **2020-07-02 — Admission of IB…**: CP (IB) No. 674 of 2019 was…

## 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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