# In the matter of Minarch Overseas Pv.t Ltd. IA No. 3110-ND-2021 in IB-615(ND)-2018

> NCLT judgment dated 2021-07-22. Citation: TCN-2021-NCLT-01666. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLT-01666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/minarch-overseas-pvt-ltd-ia-no-3110-nd-2021-in-ib-615nd-2018-73b7756e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12-A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the insolvency application. The parties involved, Quazar Infrastructure Pvt. Ltd. (Applicant) and Minarch Overseas Pvt. Ltd. (Respondent), have amicably settled the matter.

## Facts

Quazar Infrastructure Pvt. Ltd. initiated insolvency proceedings against Minarch Overseas Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties reached an amicable settlement on July 14, 2021. The IRP filed an application under Section 12-A of the IBC seeking withdrawal of the insolvency application. The IRP confirmed that all fees and CIRP costs were paid. The application for withdrawal was supported by the settlement agreement and Form-AA. The court considered these facts and allowed the withdrawal of the insolvency application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings under Section 12-A of the IBC …

**Ratio:** Section 12-A of the IBC allows for the withdrawal of an application admitted under

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**Reasoning:** The court reasoned that the parties had reached an amicable settlement, as evidenced by

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**Interpretation:** Section 12-A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the court applied the principle of Section 12-A by considering

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## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Quazar Infrastruct…
- **Respondents:** Minarch Overseas…
- **Advocates:** Nakul M…; Vatsala P…; +4 more

## Timeline

- **2021-07-14 — Amicable Set…**: The parties, Quazar Infrastructure Pvt. Ltd. and Minarch Overseas Pvt. Ltd., reached an…
- **2021-07-22 — Order Del…**: The NCLT delivered the order allowing the…

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