# In the matter of Heaven Engineers & Contractors Pvt. Ltd. IA-339-ND-2021 in (IB)-2173(ND)-2019

> NCLT judgment dated 2021-02-04. Citation: TCN-2021-NCLT-03129. This is an application filed under Section 12A seeking withdrawal of IB-2173/ND/2019. The CoC…

- **Court:** NCLT
- **Order date:** 4 Feb 2021
- **Citation:** TCN-2021-NCLT-03129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/heaven-engineers-contractors-pvt-ltd-ia-339-nd-2021-in-ib-2173nd-2019-72c42756

## Summary

### Background

This is an application filed under Section 12A seeking withdrawal of IB-2173/ND/2019. The CoC minutes allowing the filing of Section 12A application were not placed on record initially, leading to adjournment. Subsequently, the minutes of the 2nd CoC meeting held on 13.07.2020, which recorded that the parties were directed to settle the matter in pursuance of the order passed by the Hon'ble NCLAT on 18.03.2020, were presented. The present application was filed in furtherance of the settlement.

## Facts

Blue Star Ltd. initiated insolvency proceedings against Heaven Engineers & Contractors Pvt. Ltd. under IB-2173/ND/2019. An application (IA-339/ND/2021) was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the insolvency proceedings. Initially, the CoC minutes authorizing the Section 12A application were not available, leading to an adjournment. The 2nd CoC meeting minutes, held on 13.07.2020, indicated that the parties were directed to settle the matter by the NCLAT on 18.03.2020. Mr. Chetan Sharma, representing the applicant, confirmed the settlement and filing of the withdrawal application. The Resolution Professional, Mr. Shashi Bhushan, confirmed that all CIRP costs had been paid. The NCLT then allowed the withdrawal

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## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the parties had settled the matter as directed by the NCLAT, and

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**Interpretation:** Section 12A is interpreted to facilitate settlements between parties, allowing

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**Application:** In this case, the court applied the principle of Section 12A by considering the

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Blue Star…
- **Respondents:** Heaven Engineers…

## Timeline

- **2019-01-01 — Initiation of…**: Insolvency proceedings initiated against Heaven Engineers & Contractors Pvt. Ltd. with IB…
- **2020-03-18 — NCLAT Direction for…**: The Hon'ble NCLAT directed 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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