# In the matter of Nasban Import & Export Pvt. Ltd. C.P. (IB)-4138-MB-2018

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03037. The case involves an application filed by the Resolution Professional under Section 12(A) of…

- **Court:** NCLT
- **Order date:** 6 Jun 2019
- **Citation:** TCN-2019-NCLT-03037
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nasban-import-export-pvt-ltd-cp-ib-4138-mb-2018-0abf0daa

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of a Company Petition. A deed of settlement was executed between the petitioner, another creditor (Varmora Granito Pvt. Ltd.), and the Corporate Debtor. The Committee of Creditors (COC) in a meeting held on May 31, 2019, with 100% voting, decided to withdraw the petition.

## Facts

Solaris Creamics Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Nasban Import & Export Pvt. Ltd. An application was filed by the Resolution Professional under Section 12(A) of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Company Petition. A deed of settlement was executed between Solaris Creamics Pvt Ltd, Varmora Granito Pvt. Ltd., and Nasban Import & Export Pvt. Ltd. The Committee of Creditors (COC) in a meeting held on 31.05.2019, with 100% voting, decided to withdraw the petition. The IRP enclosed the Form FA issued by the petitioner for withdrawal of the CIRP petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP petition under Section 12A of the Insolvency and …

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

…

**Reasoning:** The court considered the application filed by the Resolution Professional, the deed of

…

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

…

**Application:** In this case, the court found that the application met the requirements of

…

## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Solaris Creamics…
- **Respondents:** Nasban Import &…

## Timeline

- **2019-05-31 — COC Meet…**: The Committee of Creditors (COC) held a meeting and decided to withdraw the petition with…
- **2019-06-06 — 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/nasban-import-export-pvt-ltd-cp-ib-4138-mb-2018-0abf0daa