# In the matter of Golden Anchor Logistics Pvt. Ltd. MA-1403 in 912-2019 in IBA-407-2019

> NCLT judgment dated 2019-12-18. Citation: TCN-2019-NCLT-00102. The application was filed under Section 12A read with Section 60(5) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 18 Dec 2019
- **Citation:** TCN-2019-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-anchor-logistics-pvt-ltd-ma-1403-in-912-2019-in-iba-407-2019-9e31e91d

## Summary

### Background

The application was filed under Section 12A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016. The Tribunal admitted a petition filed by an operational creditor, M/s.Fairmacs Shipping and Transport Services Pvt. Ltd, on 15.07.2019, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

## Facts

An application was filed under Section 12A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016. M/s.Fairmacs Shipping and Transport Services Pvt. Ltd., in the capacity of an Operational Creditor, filed a petition that was admitted on 15.07.2019, initiating CIRP against the Corporate Debtor. The RP published notices in newspapers, but no other claims were received. Further applications were filed seeking cooperation from the suspended Directors of the Corporate Debtor under Section 19(2) of the Insolvency & Bankruptcy Code, 2016. A settlement has been reached between the Operational Creditor and the Corporate Debtor. The lack of cooperation from the suspended Board of Directors is hindering the resolution process.

## Issues and analysis

### Issue 1: Whether the application under Section 12A read with Section 60(5) of the Insolvency & …

**Ratio:** Section 12A allows for withdrawal of application under IBC. Section 60(5) provides

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**Reasoning:** The Tribunal considered the application under these sections, indicating their relevance

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**Interpretation:** Section 12A and 60(5) are interpreted to provide the legal basis for the

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**Application:** The application was filed under these sections, establishing the legal

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** P.ULAGANATHAN…

## Timeline

- **2019-07-15 — Petition Ad…**: The Tribunal admitted the petition filed by the Operational Creditor and initiated the…
- **N/A — Publication of…**: The Resolution Professional (RP) published notices in newspapers calling for claims from…

## 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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