# In the matter of S K Dyeing and Finishing Mills Pvt. Ltd. CA-1259-C-V-ND-2020 in IB-2166-ND-2020

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01879. The case involves an application (CA-1259/2020) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/s-k-dyeing-and-finishing-mills-pvt-ltd-ca-1259-c-v-nd-2020-in-ib-2166-nd-2020-628d5ea4

## Summary

### Background

The case involves an application (CA-1259/2020) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations concerning the Corporate Insolvency Resolution Process (CIRP) for Corporate Persons. The IRP sought to withdraw the application. Initially, the application was jointly filed by the Operational Creditor and Corporate Debtor but was rejected because it was not filed through the IRP.

## Facts

M/s Shanti Chemtrade Pvt Ltd filed an application against M/s S K Dyeing and Finishing Mills Pvt Ltd under Section 9 of the IBC. The application was initially filed jointly by the Operational Creditor and the Corporate Debtor but was rejected because it was not filed through the IRP. The IRP then filed CA-1259/2020 under Section 12A of the IBC, seeking to withdraw the application. No CoC was constituted, and the matter was settled between the parties. No claims were received after the public announcement. The IRP received their fees and costs, and no other dues were pending against the Corporate Debtor. The initial order dated 16.01.2020 was in effect.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP for …

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

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**Reasoning:** The court considered the IRP's submission that the matter had been settled between the

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications when a

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**Application:** The court applied Section 12A, considering the settlement between the parties,

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s Shanti…
- **Respondents:** M/s S K Dyeing…

## Timeline

- **2020-01-16 — Order Da…**: Initial order passed,…
- **2020-02-20 — Order Del…**: Final order delivered, dismissing CA-1259/2020 as withdrawn and discharging the Corporate…

## 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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