# 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-01558. 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-01558
- **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-ef2a5755

## 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. An application was filed under Section 12A of the IBC by the IRP, seeking approval for the CoC's decision to withdraw the application due to a settlement 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. No other Operational Creditors came forward to submit claims despite publication in the newspaper. The IRP claimed Rs. 1,57,300/- is due and payable, including fees and costs. The Operational Creditor did not object to the IRP's claim. Rs. 5,00,000/- had already been deposited in an escrow account with SBI. The court approved the withdrawal

…

## Issues and analysis

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

**Ratio:** The court can allow the withdrawal of insolvency proceedings if the CoC approves it with

…

**Reasoning:** The CoC unanimously voted in favor of withdrawing the application, indicating their

…

**Interpretation:** Section 12A of the IBC allows for the withdrawal of insolvency proceedings if

…

**Application:** In this case, the CoC unanimously approved the withdrawal, and the court found

…

## Parties

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

## Timeline

- **2020-02-25 — CoC Meet…**: The CoC unanimously voted in favor of filing an application under Section 12A of the Code…
- **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)

---

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/ravi-commodities-pvt-ltd-iaib-no-409-kb-2020-in-cpibno-1549-kb-2018-ef2a5755