# In the matter of Hindustan Online Trade Pvt. Ltd. IA-3579-2020 in IB-1753-ND-2019

> NCLT judgment dated 2020-09-07. Citation: TCN-2020-NCLT-00700. The application was filed by the Resolution Professional (RP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 7 Sept 2020
- **Citation:** TCN-2020-NCLT-00700
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hindustan-online-trade-pvt-ltd-ia-3579-2020-in-ib-1753-nd-2019-33a97f84

## Summary

### Background

The application was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw the Company Petition No. 1753/2019. The petition was admitted on 2019-10-16 based on a settlement between the parties.

## Facts

M/s. Simba Logistics Pvt. Ltd. filed an application against M/s. Hindustan Online Trade Pvt. Ltd. under Section 9 of the IBC, 2016. The application was admitted on 2019-10-16, initiating CIRP. Subsequently, a settlement was reached between the parties. The Resolution Professional (RP) filed an application (IA/3579/2020) under Section 12A of the IBC, 2016, seeking to withdraw the company petition. The RP received Form FA from the Operational Creditor, indicating the settlement. The Committee of Creditors (CoC) approved the withdrawal application with 100% voting. The RP confirmed receipt of fees and expenses. The relevance of these facts lies in demonstrating the process of initiating CIRP, the subsequent settlement, and the legal steps taken to withdraw the insolvency

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can withdraw the Company Petition No. 1753/2019 under Section …

**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 RP had filed the withdrawal application based on a settlement

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes even after the

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**Application:** In this case, the RP's application for withdrawal was based on a settlement,

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s. Simba…
- **Respondents:** M/s. Hindustan…

## Timeline

- **2019-10-16 — Admission of Company…**: Company Petition No. 1753/2019 was admitted,…
- **2020-09-07 — Order for Wit…**: The court permitted the RP to withdraw the company petition, set aside the order…

## 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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