# In the matter of Heat Therm Pvt. Ltd. IA 716 of 2021 in CP(IB) 154 of 2020

> NCLT judgment dated 2021-12-22. Citation: TCN-2021-NCLT-00063. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 22 Dec 2021
- **Citation:** TCN-2021-NCLT-00063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/heat-therm-pvt-ltd-ia-716-of-2021-in-cpib-154-of-2020-b7e085eb

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main Insolvency and Bankruptcy (IB) application. The applicant's consent, in Form FA, is placed on record. The sole Committee of Creditors (CoC) member approved a resolution with 100% voting to allow the withdrawal of the main IB application. A copy of the consent term executed between the Operational Creditor and the corporate debtor was also placed on record.

## Facts

Bhavesh Rikabchand Mehta, Proprietor of Lakshya International, filed an application against Heat Therm Pvt Ltd. The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC, 2016, to withdraw the main IB application. The applicant's consent in Form FA was placed on record. The sole CoC member approved the withdrawal with 100% voting in a meeting held on 2021-10-07. A consent term executed between the Operational Creditor and the corporate debtor on 2021-10-07 was also placed on record. The IRP is seeking to withdraw the application. The court considered these submissions and documents.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP(IB) 154 of 2020 should be allowed based on the consent …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of an application admitted under

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**Reasoning:** The court reasoned that the consent of the applicant, evidenced by Form FA, and the

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** In this case, the sole CoC member's 100% vote in favor of withdrawal, coupled

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## Parties

- **Judges:** Dr.Deepti…; KAUSHALENDRA…
- **Appellants:** Bhavesh Rikabchand…
- **Respondents:** Heat Therm…
- **Advocates:** Sankalp Go…

## Timeline

- **2021-10-07 — CoC Meet…**: The sole CoC member passed a resolution with 100% voting allowing the withdrawal of the…
- **2021-10-07 — Consent Term E…**: Consent term duly executed between 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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