# In the matter of Mark Infrastructure Pvt Limited IA No. 1162-2019 in CP (IB) No. 463-9-HDB-2019

> NCLT judgment dated 2019-12-20. Citation: TCN-2019-NCLT-00048. The case involves a Company Petition (CP(IB) No. 463/9/HDB/2018) filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 20 Dec 2019
- **Citation:** TCN-2019-NCLT-00048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mark-infrastructure-pvt-limited-ia-no-1162-2019-in-cp-ib-no-463-9-hdb-2019-59e4e5c0

## Summary

### Background

The case involves a Company Petition (CP(IB) No. 463/9/HDB/2018) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted by the National Company Law Tribunal (NCLT), Hyderabad Bench on 2019-11-28, initiating the Corporate Insolvency Resolution Process (CIRP) against Mark Infrastructure Pvt Ltd. Subsequently, the parties reached a settlement, leading to the filing of IA No. 1162/2019 under Section 12A of the IBC, seeking withdrawal of the petition. The Interim Resolution Professional (IRP) reported the settlement to the Tribunal and requested the withdrawal.

## Facts

On 2019-11-28, the NCLT admitted a petition under Section 9 of the IBC, initiating CIRP against Mark Infrastructure Pvt Ltd. Subsequently, the operational creditor and the corporate debtor, Mark Infrastructure Pvt Ltd, reached a settlement on 2019-12-16. The operational creditor then filed Form FA under Section 12A of the IBC, seeking withdrawal of the petition. The IRP also filed an application (IA No. 1162/2019) for withdrawal, stating that the parties had settled and that the corporate debtor had made payments towards IRP expenses. The IRP also submitted various documents, including the settlement deed, Form FA, and a no-objection certificate from PNB. The Committee of Creditors had not yet been constituted. The key fact is the settlement between the parties after

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The Tribunal reasoned that the parties had settled the matter amicably, and the IRP had

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

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**Application:** In this case, the parties settled after the admission of the petition. The IRP

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Respondents:** Mark Infrastructur…; Padmavathi Steel…

## Timeline

- **2019-11-28 — Admission of…**: Tribunal admitted the petition filed under Section 9 of the IBC, initiating CIRP against…
- **2019-12-16 — Settlement Ag…**: Parties agreed to settle the…

## 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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