# In the matter of General Garments Delhi Pvt. Ltd. (IB)-802(PB)-2019

> NCLT judgment dated 2020-09-10. Citation: TCN-2020-NCLT-00651. The case pertains to an application filed by the Resolution Professional under Section 12A of…

- **Court:** NCLT
- **Order date:** 10 Sept 2020
- **Citation:** TCN-2020-NCLT-00651
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/general-garments-delhi-pvt-ltd-ib-802pb-2019-fdb483b2

## Summary

### Background

The case pertains to an application filed by the Resolution Professional under Section 12A of the Insolvency & Bankruptcy Code seeking withdrawal of CP No. (IB)-802(PB)/2019. The Committee of Creditors (CoC) in its 9th meeting resolved with 100% voting to accept the settlement offer of ₹8.15 Crore made by the corporate debtor.

## Facts

The Resolution Professional filed an application under Section 12A of the Insolvency & Bankruptcy Code to withdraw CP No. (IB)-802(PB)/2019. The CoC approved a settlement offer of ₹8.15 Crore made by the corporate debtor with 100% voting in its 9th meeting. The application for withdrawal is based on this settlement offer. The key fact is the unanimous approval by the CoC, indicating a consensus among creditors to resolve the insolvency through settlement.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP No. (IB)-802(PB)/2019 under Section 12A of the …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code allows for the withdrawal of an

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**Reasoning:** The court reasoned that the CoC had unanimously approved the settlement offer made by the

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**Interpretation:** Section 12A provides a mechanism for parties to resolve insolvency proceedings

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**Application:** In this case, the CoC's 100% approval of the settlement offer satisfied the

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## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** Phoenix Arc. Pct.…
- **Respondents:** General Garments…

## Timeline

- **N/A — Application…**: Resolution Professional filed an application under Section 12A of the Insolvency &…
- **N/A — CoC Meet…**: The CoC in its 9th meeting resolved with 100% voting to approve the settlement offer for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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