# In the matter of Parity Systems Pvt. Ltd. IA (IBC)-762-2021 in CP(IB) No. 75-9-HDB-2020

> NCLT judgment dated 2021-12-17. Citation: TCN-2021-NCLT-00134. The case involves an application IA (IBC)/762/2021 filed under Section 12A of the IBC by the…

- **Court:** NCLT
- **Order date:** 17 Dec 2021
- **Citation:** TCN-2021-NCLT-00134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parity-systems-pvt-ltd-ia-ibc-762-2021-in-cpib-no-75-9-hdb-2020-08170c97

## Summary

### Background

The case involves an application IA (IBC)/762/2021 filed under Section 12A of the IBC by the Interim Resolution Professional (IRP) for withdrawing the main company petition CP(IB) No. 75/9/HDB/2020. The Operational Creditor and Corporate Debtor have reached a settlement before the Committee of Creditors (CoC).

## Facts

M/s. Microcare Computers Pvt Ltd, the Operational Creditor, initiated insolvency proceedings against M/s. Parity Systems Pv Ltd, the Corporate Debtor, under CP(IB) No. 75/9/HDB/2020. An application, IA (IBC)/762/2021, was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC to withdraw the main company petition. The Operational Creditor and Corporate Debtor reached a settlement before the Committee of Creditors (CoC). The Learned Counsel Shri. M Viswaraj appeared via video conference for the applicant. The court, after reviewing the application, found the reasons for withdrawal satisfactory.

## Issues and analysis

### Issue 1: Whether the application IA (IBC)/762/2021 for withdrawal of the main company petition CP(IB) No. …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

…

**Reasoning:** The court reasoned that the Operational Creditor and the Corporate Debtor had reached a

…

**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

…

**Application:** In this case, the court applied the principle of Section 12A by considering the

…

## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** M/s. Microcare…
- **Respondents:** M/s. Parity…
- **Advocates:** Shri. M Vi…

## Timeline

- **2021-12-17 — Hearing…**: Hearing held on 17-12-2021 at…
- **N/A — Application for…**: IA (IBC)/762/2021 filed under Section 12A by Interim Resolution Professional (IRP) for…

## 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)

---

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/parity-systems-pvt-ltd-ia-ibc-762-2021-in-cpib-no-75-9-hdb-2020-08170c97