# In the matter of LV Global Pvt. Ltd. (IB)-825(ND)-2019

> NCLT judgment dated 2020-06-18. Citation: TCN-2020-NCLT-01146. The case involves an application (IA-1492(PB)/2020) filed under Section 12A of the Code seeking…

- **Court:** NCLT
- **Order date:** 18 Jun 2020
- **Citation:** TCN-2020-NCLT-01146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lv-global-pvt-ltd-ib-825nd-2019-efbcd202

## Summary

### Background

The case involves an application (IA-1492(PB)/2020) filed under Section 12A of the Code seeking withdrawal of a company petition after its admission. The application was filed along with Form-FA by the petitioner.

## Facts

Aadhar Infraholding Ltd. filed a company petition against L.V Global P. Ltd. under Section 7 of the IBC. Subsequently, an application (IA-1492(PB)/2020) was filed under Section 12A of the Code seeking withdrawal of the company petition after its admission. The petitioner also filed Form-FA. The IRP counsel stated that their remuneration had been settled. This statement was crucial for the court's decision to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed based on the IRP …

**Ratio:** An application for withdrawal of a company petition can be allowed if the IRP counsel

…

**Reasoning:** The court's reasoning is based on the IRP counsel's statement regarding the settlement of

…

**Interpretation:** Section 12A of the Code allows for the withdrawal of a company petition under

…

**Application:** In this specific case, the IRP counsel's statement about the remuneration

…

## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** Aadhar Infra…
- **Respondents:** L.V Global…
- **Advocates:** I. P. S.…; Harish S…; +1 more

## Timeline

- **2019-01-01 — Initial Appl…**: The initial application…
- **2020-01-01 — Application for…**: IA-1492(PB)/2020: An application filed under Section 12A of the Code seeking for…

## 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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