# In the matter of National Steel and Agro Industries Limited IA No. 1022-2020 in CP (IB) No. 798-(MB)-C-IV-2019

> NCLT judgment dated 2020-06-23. Citation: TCN-2020-NCLT-01134. The case pertains to CP/(IB)/798/(MB)/C-IV)/2019, involving Agrocorp International Pvt. (PTE)…

- **Court:** NCLT
- **Order date:** 23 Jun 2020
- **Citation:** TCN-2020-NCLT-01134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/national-steel-and-agro-industries-limited-ia-no-1022-2020-in-cp-ib-no-798-mb-c-e5ec57b9

## Summary

### Background

The case pertains to CP/(IB)/798/(MB)/C-IV)/2019, involving Agrocorp International Pvt. (PTE) Ltd. as the operational creditor and National Steel and Agro Industries Limited as the corporate debtor. The Tribunal's work was suspended due to the Covid-19 pandemic. Urgent matters were heard via video conference. An application (I.A. No. 1022/2020) was filed for withdrawal after the parties settled the matter subsequent to the admission order.

## Facts

Agrocorp International Pvt. (PTE) Ltd. initiated insolvency proceedings against National Steel and Agro Industries Limited under CP/(IB)/798/(MB)/C-IV)/2019. An Interim Resolution Professional (IRP), Rajeev Mannadiar, was appointed. After the admission of the case, the parties reached a settlement. The Operational Creditor received the agreed-upon dues. The Committee of Creditors was not constituted. Consequently, an application (I.A. No. 1022/2020) was filed for withdrawal of the insolvency proceedings. The Tribunal considered the settlement and the relevant regulations under the Insolvency and Bankruptcy Code.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings (CP/(IB)/798/(MB)/2019) should …

**Ratio:** Regulation 30A(1)(a) of the IBBI (Resolution Process for Corporate Persons) Regulations,

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**Reasoning:** The Tribunal considered the submissions of the parties and noted that a settlement had

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**Interpretation:** Regulation 30A(1)(a) and Section 12A provide a mechanism for parties to resolve

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**Application:** In this case, the parties reached a settlement after the admission order in

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Rajeev Mannadiar…
- **Respondents:** National Steel…

## Timeline

- **2020-03-22 — Tribunal C…**: The Tribunal's work was closed due to the Covid-19 pandemic as per letter dated…
- **2020-04-20 — Urgent Matters…**: The Principal Bench allowed hearing of urgent matters by the respective Benches through…

## 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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