# In the matter of Pradeep Structural Development Pvt. Ltd. CP (IB) No. 1614-KB-2018

> NCLT judgment dated 2019-09-06. Citation: TCN-2019-NCLT-01523. The case pertains to CP (IB) No. 1614/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 6 Sept 2019
- **Citation:** TCN-2019-NCLT-01523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pradeep-structural-development-pvt-ltd-cp-ib-no-1614-kb-2018-61b1eac8

## Summary

### Background

The case pertains to CP (IB) No. 1614/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves M/s. NLB Steels Pvt. Ltd. versus M/s. Pradeep Structural Development Pvt. Ltd. The hearing took place on September 6, 2019.

## Facts

The case involves a corporate insolvency resolution process. M/s. NLB Steels Pvt. Ltd. is the operational creditor, and M/s. Pradeep Structural Development Pvt. Ltd. is likely the corporate debtor. The parties settled the dispute, and the Committee of Creditors (CoC) passed a resolution on August 24, 2019, with 100% votes to withdraw the matter. The Interim Resolution Professional (IRP) also appeared. The court allowed the withdrawal application under section 12A of the IBC, disposing of the main Corporate Petition (CP).

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Petition (CP) should be allowed based on …

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

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**Reasoning:** The court considered the submission that the parties had settled the dispute and that the

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**Interpretation:** Section 12A of the IBC is interpreted to facilitate settlements between parties

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**Application:** Given the settlement between the parties and the CoC's resolution with 100%

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** M/s. NLB Steels…
- **Respondents:** M/s. Pradeep…

## Timeline

- **2019-08-24 — CoC Meet…**: Committee of Creditors (CoC) passed a resolution for withdrawing the matter with 100%…
- **2019-09-06 — Hearing…**: Hearing on the matter where the court…

## 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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