# In the matter of Kruti Infracons Pvt. Ltd. M.A. 256-2020 in C.P. (IB)-2357(MB)-2019

> NCLT judgment dated 2019-01-29. Citation: TCN-2019-NCLT-05132. The case involves an application filed by the Resolution Professional under section 12A of the…

- **Court:** NCLT
- **Order date:** 29 Jan 2019
- **Citation:** TCN-2019-NCLT-05132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kruti-infracons-pvt-ltd-ma-256-2020-in-cp-ib-2357mb-2019-99c5790e

## Summary

### Background

The case involves an application filed by the Resolution Professional under section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of a Company Petition. The petitioner had issued Form-FA for the withdrawal of the petition. The IRP's dues and other expenses were paid. The petitioner and the Corporate Debtor entered into consent terms, a copy of which was annexed. A public notice inviting claims was issued on 2019-12-09, but only the petitioner filed a claim, and no Committee of Creditors (CoC) was constituted.

## Facts

Bigbloc Construction Ltd. filed a Company Petition against Kruti Infracons Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional filed an application under Section 12A of the Code for withdrawal of the Company Petition. The Petitioner issued Form-FA for withdrawal. The IRP's dues and other expenses were paid. The Petitioner and the Corporate Debtor entered into consent terms. A public notice inviting claims was issued on 2019-12-09, but only the Petitioner filed a claim, and no CoC was constituted. The key fact is the consent between the parties and the absence of other creditors, which facilitated the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of a Company Petition under Section 12A of the Insolvency …

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

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**Reasoning:** The court reasoned that since the petitioner and the corporate debtor had entered into

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**Interpretation:** Section 12A is interpreted to allow withdrawal when the parties agree, and no

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**Application:** In this case, the consent terms between Bigbloc Construction Ltd. and Kruti

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** Bigbloc Constructi…
- **Respondents:** Kruti Infracons…

## Timeline

- **2019-12-09 — Publication…**: Publication notice inviting…
- **2020-01-29 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## 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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