# In the matter of Sakar Popultry Pvt. Ltd.
M.A. 1759 & 2799-2019 In C.P (IB)-4290(MB)-2018

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01917. The case involves Real Soya Enterprises versus Sakar Popultry Pvt Ltd before the National…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sakar-popultry-pvt-ltd-ma-1759-2799-2019-in-cp-ib-4290mb-2018-a69dcaee

## Summary

### Background

The case involves Real Soya Enterprises versus Sakar Popultry Pvt Ltd before the National Company Law Tribunal (NCLT), Mumbai Bench. The matter was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Real Soya Enterprises initiated proceedings against Sakar Popultry Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. Both parties presented to the NCLT, Mumbai Bench, and submitted that the matter had been amicably settled. The Committee of Creditors (COC) approved the withdrawal of the petition. Consequently, the application filed under Section 12(A) of the IBC was allowed, and the Corporate Insolvency Resolution Process (CIRP) was disposed of. The Resolution Professional (RP) was discharged from their duties. This indicates that the parties reached a settlement, leading to the termination of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition under Section 12(A) of the Insolvency and …

**Ratio:** Section 12(A) of the Insolvency and Bankruptcy Code, 2016 allows for the withdrawal of an

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**Reasoning:** The NCLT reasoned that since both parties submitted that the matter was amicably settled

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**Interpretation:** Section 12(A) is interpreted to facilitate settlements between the parties

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**Application:** In this case, the NCLT applied the ratio of Section 12(A) by considering the

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Real Soya…
- **Respondents:** Sakar Popultry…

## Timeline

- **2018-01-01 — Case Fil…**: C.P.(IB)-4290(MB)/2018…
- **2019-08-20 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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