# In the matter of Imperial Fastners Pvt. Ltd. IA-3522-2020 in IB-385-(ND)-2019

> NCLT judgment dated 2020-09-04. Citation: TCN-2020-NCLT-00718. The case involves an application filed under Section 12-A of the IBC, seeking to withdraw the…

- **Court:** NCLT
- **Order date:** 4 Sept 2020
- **Citation:** TCN-2020-NCLT-00718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/imperial-fastners-pvt-ltd-ia-3522-2020-in-ib-385-nd-2019-11b940c1

## Summary

### Background

The case involves an application filed under Section 12-A of the IBC, seeking to withdraw the CIRP initiated against M/s. Imperial Fastners Pvt. Ltd. The COC, with 100% voting rights, approved the settlement. The CIRP process was initiated vide order dated July 29, 2020.

## Facts

M/s. Property Solutions (India) Pvt. Ltd. initiated CIRP against M/s. Imperial Fastners Pvt. Ltd. under Section 9 of the IBC. The CIRP process was initiated on July 29, 2020. Subsequently, a settlement was reached between the parties, and the COC, with 100% voting rights, approved the settlement. An application was filed under Section 12-A of the IBC to withdraw the CIRP. The court considered this application, noting that all requirements were fulfilled. The key fact is the COC's approval of the settlement, leading to the application for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application filed under Section 12-A of the IBC for withdrawal of the CIRP should be …

**Ratio:** Section 12-A of the IBC allows for the withdrawal of CIRP if the Adjudicating Authority

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**Reasoning:** The court reasoned that the requirements under Section 12-A were fulfilled, and the COC,

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

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**Application:** In this case, the COC's unanimous approval of the settlement, coupled with the

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** M/s. Property…
- **Respondents:** M/s. Imperial…

## Timeline

- **2020-07-29 — CIRP Init…**: CIRP process initiated vide…
- **2020-09-04 — Order Del…**: Order delivered on 04.09.2020…

## 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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