# In the matter of Kelvion India Pvt. Ltd. I.A. 2186-2021 in C.P.(IB)-846(MB)-2020

> NCLT judgment dated 2021-10-01. Citation: TCN-2021-NCLT-00902. The case involves an application (I.A. 2186/2021) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 1 Oct 2021
- **Citation:** TCN-2021-NCLT-00902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kelvion-india-pvt-ltd-ia-2186-2021-in-cpib-846mb-2020-a17a5c60

## Summary

### Background

The case involves an application (I.A. 2186/2021) filed by the Interim Resolution Professional (IRP), Mr. Manojkumar Jain, under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawing the main Company Petition 846 of 2020. This withdrawal is sought due to a settlement reached between the Operational Creditor and the Corporate Debtor. The Corporate Debtor informed the applicant via email dated 24.09.2021 that they have amicably settled the matter for Rs. 60,00,000/- against the total amount of Rs. 70,70,701/-. A demand draft No. 012355 pertaining to the said transaction was handed over to the Operational Creditor by the Corporate Debtor after entering into a settlement deed dated 17.09.2021. The Operational Creditor has also paid the IRP fees of Rs.

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## Facts

President Engineering Works initiated CIRP against Kelvion India Pvt. Ltd. The IRP, Mr. Manojkumar Jain, filed I.A. 2186/2021 under Section 12A of the IBC to withdraw the CIRP. The reason for withdrawal was a settlement between President Engineering Works (Operational Creditor) and Kelvion India Pvt. Ltd. (Corporate Debtor). Kelvion India Pvt. Ltd. informed the IRP via email on 24.09.2021 that they had settled for Rs. 60,00,000/- against a total claim of Rs. 70,70,701/-. A demand draft for the settled amount was handed over to President Engineering Works after a settlement deed was signed on 17.09.2021. President Engineering Works also paid Rs. 1,00,000/- to the IRP, covering fees and legal expenses for the withdrawal. President Engineering Works submitted Form FA on

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the Insolvency and Bankruptcy …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The court considered the submissions made by the IRP and the material available on

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings when a

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**Application:** In this case, the Operational Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** President…
- **Respondents:** Kelvion India…

## Timeline

- **2020-01-01 — Main Company Petition…**: Company Petition 846 of…
- **2021-09-08 — CIRP Admissio…**: CIRP admission order was passed…

## 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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