# In the matter of Fortune Infraheight Private Limited Company Petition (IB)No. 292-ALD-2019

> NCLT judgment dated 2020-03-27. Citation: TCN-2020-NCLT-01417. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 27 Mar 2020
- **Citation:** TCN-2020-NCLT-01417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fortune-infraheight-private-limited-company-petition-ibno-292-ald-2019-750da281

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with CIRP Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Company Petition. The Company Petition was admitted on 10.02.2020 based on the premise that the claim amount was outstanding.

## Facts

The key facts are as follows: A Company Petition was admitted on 10.02.2020. The petition was based on an outstanding claim amount. The Corporate Debtor and the applicant reached a settlement. The Corporate Debtor settled the claim amount and the IRP remuneration. The Interim Resolution Professional (IRP) filed an application for withdrawal of the Company Petition. The application was filed along with Form A. The court allowed the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition should be allowed given the …

**Ratio:** The legal principle applied is that a Company Petition can be withdrawn if the Corporate

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**Reasoning:** The court reasoned that since the Corporate Debtor settled the claim amount and the IRP

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**Interpretation:** Section 12A of the IBC and CIRP Regulation 30A of the IBBI Regulations, 2016,

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**Application:** In this case, the settlement between the Corporate Debtor and the applicant,

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## Parties

- **Judges:** B.S.V. Prakash…
- **Appellants:** Satyendra…
- **Respondents:** M/s Fortune…

## Timeline

- **2020-02-10 — Admission of Company…**: The Company Petition was admitted based on the premise that the claim amount was…
- **2020-03-27 — Order Da…**: The court dismissed the…

## 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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