# In the matter of Ishwar Chand Agro Pvt. Ltd. IA No. 223-ALD-2021 in CP No. (IB) 50-ALD-2019

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01605. The matter pertains to IA No. 223/2021 in CP No. (IB) 50/ALD/2019 before the National Company…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ishwar-chand-agro-pvt-ltd-ia-no-223-ald-2021-in-cp-no-ib-50-ald-2019-f9349917

## Summary

### Background

The matter pertains to IA No. 223/2021 in CP No. (IB) 50/ALD/2019 before the National Company Law Tribunal, Allahabad Bench. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation 2016, seeking withdrawal of a petition filed under Section 7 of the IBC against the corporate debtor. The corporate insolvency resolution process (CIRP) had commenced on 18.12.2020.

## Facts

The case involves an application (IA No. 223/2021) to withdraw a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) against a corporate debtor. The Corporate Insolvency Resolution Process (CIRP) had commenced on 18.12.2020. The application for withdrawal was filed under Section 12A of the IBC read with regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation 2016. A settlement agreement was reached between the Corporate Debtor and the Financial Creditor (M/s Intec Capital Ltd.), who was the sole member of the Committee of Creditors (CoC) with 100% voting rights. The Financial Creditor signed Form FA on 03.07.2021. The RP convened a meeting of the CoC on 12.07.2021, where a

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition under Section 7 of the IBC, filed under …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations, allows for the

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**Reasoning:** The court reasoned that since the matter had been amicably settled between the parties

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the financial creditor, being the sole member of the CoC,

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** M/S ISHWAR CHAND…; M/s Intec Capital…

## Timeline

- **2020-12-18 — Commencement…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-02-25 — CoC Voting…**: The Financial Creditor (M/s Intec Capital Ltd.)…

## 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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