# In the matter of Namo Alloys Pvt. Ltd. (IB)-867(PB)-2018

> NCLT judgment dated 2021-12-23. Citation: TCN-2021-NCLT-00058. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Dec 2021
- **Citation:** TCN-2021-NCLT-00058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/namo-alloys-pvt-ltd-ib-867pb-2018-a8b81a37

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The application states that the matter has been resolved, even though the Committee of Creditors (CoC) has been constituted. The CoC members have unanimously agreed with 100% voting in favor of withdrawing the present petition.

## Facts

Yes Bank Ltd. filed a petition against Namo Alloys Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed. Subsequently, an application was filed by the IRP under Section 12A of the IBC, stating that the matter had been resolved. The Committee of Creditors (CoC) had been constituted, and all members unanimously agreed to withdraw the petition. The outstanding cost of CIRP was Rs. 3,95,000/-, which the Corporate Debtor was directed to pay. The court considered the documents on record and the prayer for withdrawal. The relevance of the CoC's unanimous agreement is that it signifies a settlement between the parties, justifying the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC should be allowed, …

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

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**Reasoning:** The court reasoned that since all the CoC members agreed with 100% voting in favor of

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** In this case, the unanimous agreement of the CoC members to withdraw the

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## Parties

- **Judges:** DHARMINDER…; HEMANT KUMAR…
- **Appellants:** Yes Bank…
- **Respondents:** Namo Alloys Pvt.…
- **Advocates:** Abhishek…

## Timeline

- **2018-01-01 — CP. No. (IB)-867(PB)/201…**: Filing of Corporate Insolvency…
- **2021-01-01 — IA-5902/…**: Application filed by IRP under Section 12A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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