# In the matter of Natural Power Asia Pvt. Ltd. IA (IBC)-363-2021 in 
CP(IB) No. 6-9-HDB-2020

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01573. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/natural-power-asia-pvt-ltd-ia-ibc-363-2021-in-cpib-no-6-9-hdb-2020-1022f1cb

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Natural Power Asia Pvt Ltd. The Resolution Professional (RP) stated that the matter has been amicably settled between the parties, and the Operational Creditor has issued Form FA, which is filed with the application.

## Facts

An application, IA No.363/2021, was filed under Section 12A of the IB Code to withdraw the CIRP against the Corporate Debtor, Natural Power Asia Pvt Ltd. The Resolution Professional (RP) informed the court that the matter had been amicably settled between the parties. The Operational Creditor had issued Form FA, which was filed along with the application. The key fact is the amicable settlement between the parties, leading to the withdrawal request. The filing of Form FA by the Operational Creditor signifies their consent to the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application to withdraw the CIRP under Section 12A of the IB Code should be allowed …

**Ratio:** Section 12A of the IB Code allows for the withdrawal of CIRP if certain conditions are

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**Reasoning:** The court reasoned that the matter had been amicably settled between the parties, and the

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**Interpretation:** Section 12A is interpreted to facilitate settlements between parties, allowing

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**Application:** In this case, the ratio and reasoning were applied to the specific facts, where

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## Parties

- **Judges:** Madan B.…; BINOD KUMAR…
- **Appellants:** Wellstark Energy…
- **Respondents:** Natural Power…

## Timeline

- **2021-07-28 — Hearing of National…**: Hearing held on 28.07.2021 at…

## 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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