# In the matter of NVNR Power & Infra Pvt. Ltd. IA(IBC)-726-2021 in CP (IB) No. 583-9-HDB-2019

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00361. IA No.726/2021 was filed by the Applicant/Resolution Professional under Section 60(5), 12A of…

- **Court:** NCLT
- **Order date:** 30 Nov 2021
- **Citation:** TCN-2021-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nvnr-power-infra-pvt-ltd-iaibc-726-2021-in-cp-ib-no-583-9-hdb-2019-675383e0

## Summary

### Background

IA No.726/2021 was filed by the Applicant/Resolution Professional under Section 60(5), 12A of the I&B Code, 2016 read with Regulation 30 A(1)(A) of the CIRP Regulation, 2016 and also read with Rule 11 of NCLT Rules, 2016. The IRP filed the IA under Section 12 A for withdrawal of the main CP(IB)No.583/9/HDB/2019 on the ground that the claim is settled amicably between the parties.

## Facts

Mark one Impex Pvt Ltd filed a CP(IB) 583/9/HDB/2019 against NVNR Power & Infra Pvt Ltd under Section 9 of IBC, 2016. IA No.726/2021 was filed by the IRP under Section 12 A for withdrawal of the main CP(IB)No.583/9/HDB/2019 on the ground that the claim is settled amicably between the parties. The court examined the books of accounts of the corporate debtor and found that the corporate debtor unit is a going concern and the same will be beneficial for the interest of the corporate debtor as well as other stake holders of the corporate debtor. The Moratorium under Section 14 stands vacated.

## Issues and analysis

### Issue 1: Whether IA No.726/2021 should be allowed for withdrawal of the main CP(IB)No.583/9/HDB/2019 based …

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

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**Reasoning:** The court considered the submission of the IRP that the claim was settled amicably

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications when the

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**Application:** Since the parties settled amicably and the corporate debtor was a going

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Mark one Impex…
- **Respondents:** NVNR Power &…

## Timeline

- **2021-12-03 — Hearing…**: Hearing held on 03-12-2021 at…

## 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)

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