# In the matter of G.K Dairy And Milk Products Pvt. Ltd. IA No.- 2237-ND-2021 in IB- 441-ND-2020

> NCLT judgment dated 2021-05-18. Citation: TCN-2021-NCLT-02126. The application IA No.- 2237/ND/2021 in IB-441/ND/2020 was filed by the IRP under Section 12-A…

- **Court:** NCLT
- **Order date:** 18 May 2021
- **Citation:** TCN-2021-NCLT-02126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gk-dairy-and-milk-products-pvt-ltd-ia-no-2237-nd-2021-in-ib-441-nd-2020-36e0c8e3

## Summary

### Background

The application IA No.- 2237/ND/2021 in IB-441/ND/2020 was filed by the IRP under Section 12-A of the Code seeking withdrawal of Insolvency Application IB-441/ND/2020. The parties amicably settled the matter, and payment was made as per the agreed terms of settlement. The IRP had not taken charge or possession of assets or documents of the Corporate Debtor. Four banks of the Corporate Debtor were intimated about the initiation of CIRP. The IRP directed banks not to allow any transactions without consent of IRP. The NCLAT had directed not to constitute CoC for seven days, so no CoC was formed.

## Facts

Anil Kumar filed an insolvency application (IB-441/ND/2020) against G.K. Diary and Milk Products Pvt. Ltd. The IRP filed IA No. 2237/ND/2021 seeking withdrawal of the insolvency application under Section 12-A of the Code. The parties amicably settled the matter, and payment was made as per the agreed terms. The IRP had not taken charge of the Corporate Debtor's assets. The NCLAT had directed not to constitute the CoC for seven days. Four banks of the Corporate Debtor (Kotak Mahindera Bank, Punjab National Bank, State Bank of India, and YES Bank) were intimated about the initiation of CIRP. The IRP directed banks not to allow transactions without consent. Two employee claims and two bank claims (Kotak Mahindera Bank and Punjab National Bank) were received.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency application under Section 12-A of the Code …

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

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**Reasoning:** The court considered the fact that the parties had amicably settled the matter and

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**Interpretation:** Section 12-A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the amicable settlement between Anil Kumar and G.K. Diary and

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Anil K…
- **Respondents:** G.K. Diary and…

## Timeline

- **2020-01-01 — Insolvency Application…**: Insolvency Application…
- **2021-05-18 — Order Del…**: Order delivered on 18.05.2021 allowing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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