# In the matter of Ravi Commodities Pvt. Ltd. IA(IB) No. 409-KB-2020 in CP(IB)No. 1549-KB-2018

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01566. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ravi-commodities-pvt-ltd-iaib-no-409-kb-2020-in-cpibno-1549-kb-2018-1198fe28

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Interim Resolution Professional (IRP) seeking approval for the Committee of Creditors' (CoC) decision to withdraw the application due to a settlement of the claim between the Operational Creditor and the Corporate Debtor. The CoC unanimously voted in favor of filing the application for withdrawal in a meeting held on February 25, 2020.

## Facts

Sea Board Special Crops India Pvt. Ltd. is involved in a case against Ravi Commodities Pvt. Ltd. The Interim Resolution Professional (IRP) filed an application (IA(IB) No. 409/KB/2020) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking approval to withdraw the insolvency application. This request stems from a settlement reached between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (CoC) unanimously voted in favor of the withdrawal application during a meeting on February 25, 2020. The IRP claims Rs. 1,57,300 is due and payable, including fees and costs. The Operational Creditor does not object to this claim. Rs. 5,00,000 has already been deposited in an escrow account with SBI. The balance amount after paying the IRP

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## Issues and analysis

### Issue 1: Whether the application filed by the IRP under Section 12A of the IBC for withdrawal of the …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The CoC unanimously voted in favor of withdrawing the application due to a settlement

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**Interpretation:** Section 12A provides a mechanism for settling disputes outside the formal

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**Application:** In this case, the CoC's unanimous vote in favor of withdrawal, coupled with the

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## Parties

- **Judges:** Jinan…
- **Respondents:** Sea Board Special…; Ravi Commodities…

## Timeline

- **2020-02-25 — CoC Meet…**: The Committee of Creditors (CoC) unanimously voted in favor of filing an application…
- **2020-03-13 — Hearing…**: Hearing on the application 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)

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