# 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-01548. 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-01548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ravi-commodities-pvt-ltd-iaib-no-409-kb-2020-in-cpibno-1549-kb-2018-43d4e179

## 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 under Section 12A in a meeting held on February 25, 2020.

## Facts

Sea Board Special Crops India Pvt. Ltd. is involved in a case with Ravi Commodities Pvt. Ltd. The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking approval for the Committee of Creditors' (CoC) decision to withdraw the application. This withdrawal is 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 under Section 12A in a meeting held on February 25, 2020. The IRP submitted that Rs. 1,57,300 is due and payable, inclusive of fees and costs. An amount of Rs. 5,00,000 has already been deposited in an ESCROW account with SBI. The court approved the application and directed the registry to

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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 Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court considered the fact that the CoC had unanimously voted in favor of withdrawing

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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 unanimously approved the withdrawal, and the court found

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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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