# In the matter of GE Godavari Engineering Ltd. IA No. 746-2019 in CP(IB) No. 581-9-HDB-2018

> NCLT judgment dated 2019-09-04. Citation: TCN-2019-NCLT-01575. The case involves an application for withdrawal of a company petition CP(IB) No.…

- **Court:** NCLT
- **Order date:** 4 Sept 2019
- **Citation:** TCN-2019-NCLT-01575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ge-godavari-engineering-ltd-ia-no-746-2019-in-cpib-no-581-9-hdb-2018-588e3f7c

## Summary

### Background

The case involves an application for withdrawal of a company petition CP(IB) No. 581/9/HDB/2019, which was initially filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority had admitted the application on 04.01.2019, filed by Madras Steels and Tubes, an operational creditor, and appointed Mr. Kedarram Ramratan Laddha as the Interim Resolution Professional (IRP). Subsequently, Mr. Naga Bhushan was appointed as the Resolution Professional (RP), replacing the IRP. The application for withdrawal was filed under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI regulations.

## Facts

Madras Steels and Tubes, an operational creditor, filed a company petition (CP(IB) No. 581/9/HDB/2018) against GE Godavari Engineering Ltd under Section 9 of the IBC. The Adjudicating Authority admitted the petition on 04.01.2019 and appointed an IRP. Subsequently, Mr. Naga Bhushan was appointed as the RP. During a meeting on 26.07.2019, the directors of GE Godavari Engineering Ltd informed the Committee of Creditors (COC) that they had settled their dues with Madras Steels & Tubes. Madras Steels & Tubes submitted Form FA for withdrawal of the application. The Director of the company submitted a No Objection Certificate (NOC) from the sole member of the COC, State Bank of India. The applicant paid all estimated expenses towards the insolvency resolution

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can approve the withdrawal of the company petition CP(IB) No. …

**Ratio:** Section 12A of the IBC allows the Adjudicating Authority to permit the withdrawal of an

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**Reasoning:** The court reasoned that Section 12A of the IBC explicitly allows for withdrawal of

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**Interpretation:** Section 12A of the IBC provides a mechanism for settling disputes and

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**Application:** In this case, the Committee of Creditors, with a 100% voting share, approved

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…
- **Appellants:** Madras Steels &…
- **Respondents:** GE Godavari…

## Timeline

- **2019-01-04 — Application A…**: The Adjudicating Authority admitted the application in CP (IB) No. 581/9/HDB/2019 filed…
- **2019-04-05 — RP Appoi…**: Mr. Naga Bhushan was appointed as the Resolution Professional (RP) for the corporate…

## 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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