# In the matter of Real Link Engineering Private Limited IA-502(CHE)-2021 in IBA-1359-2019

> NCLT judgment dated 2021-06-15. Citation: TCN-2021-NCLT-01966. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 15 Jun 2021
- **Citation:** TCN-2021-NCLT-01966
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/real-link-engineering-private-limited-ia-502che-2021-in-iba-1359-2019-a917b7ea

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Real Link Engineering India Private Limited. The CIRP was initially admitted based on an application by an Operational Creditor, M/s. Marikko Industrial Chemicals, under Section 9 of the IBC. The Interim Resolution Professional (IRP), Mr. Lakshmanan Krishnan, was appointed. Subsequently, the Operational Creditor and Corporate Debtor reached a full and final settlement, leading to the application for withdrawal of the CIRP.

## Facts

M/s. Real Link Engineering India Private Limited faced a Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Marikko Industrial Chemicals, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 2021-04-21. Mr. Lakshmanan Krishnan was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements in newspapers, Trinity Mirror (English) and Makkal Kural (Tamil), inviting claims from creditors. Before the formation of the Committee of Creditors, the Operational Creditor and the Corporate Debtor reached a full and final settlement, documented in a compromise memo dated 2021-05-11. The Operational Creditor sent Form FA to the Applicant/RP on 2021-05-12, as per Regulation

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the application admitted under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

…

**Reasoning:** The Adjudicating Authority considered the provisions of Section 12A of the I&B Code

…

**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications under

…

**Application:** In this case, since the settlement occurred before the formation of the

…

## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Lakshmanan…
- **Respondents:** M/s. Real Link…

## Timeline

- **2019-01-01 — IBA/1359/201…**: IBA/1359/2019 w…
- **2021-04-21 — CIRP Admi…**: The application filed by the Operational Creditor, M/s. Marikko Industrial Chemicals, was…

## 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/real-link-engineering-private-limited-ia-502che-2021-in-iba-1359-2019-a917b7ea