# In the matter of Shivalik Cotsyn Pvt. Ltd. C P No. 130-ALD-2018

> NCLT judgment dated 2018-08-29. Citation: TCN-2018-NCLT-00875. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 29 Aug 2018
- **Citation:** TCN-2018-NCLT-00875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivalik-cotsyn-pvt-ltd-c-p-no-130-ald-2018-4f7d138c

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) filed a progress report along with the minutes of the Committee of Creditors (COC) meeting held on August 21, 2018. An intimation was received from the Operational Creditor stating that they had entered into a settlement with the consent of the Board of Directors of the corporate debtor. The Interim Resolution Professional (IRP) was requested to apply for withdrawal under Section 12(A) of the IBC, 2016. The applicant also furnished Form-FA along with a copy of the settlement agreement. The IRP issued a notice for the second meeting of the COC to be held on August 21st and 23rd, 2018, after receiving Form-FA.

## Facts

Rishabh Texco Pvt. Ltd. is involved in a case before the National Company Law Tribunal (NCLT), Allahabad Bench. The Resolution Professional filed a progress report along with the minutes of the COC meeting held on August 21, 2018. The Operational Creditor intimated that they had entered into a settlement with the consent of the Board of Directors of the corporate debtor. The IRP was requested to apply for withdrawal under Section 12(A) of the IBC, 2016. The applicant furnished Form-FA along with the settlement agreement. The IRP issued a notice for the second COC meeting to be held on August 21st and 23rd, 2018. The Committee of Creditors approved the application for withdrawal with a 100% vote share. This indicates a full consensus among the creditors to withdraw the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition under Section 12(A) of the I&B Code, …

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

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**Reasoning:** The court's reasoning is based on the fact that the Committee of Creditors, representing

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**Interpretation:** Section 12(A) is interpreted to allow for withdrawal of insolvency proceedings

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**Application:** In this case, the COC approved the withdrawal application with a 100% vote

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## Parties

- **Judges:** Saroj Ra…; V. P. S…
- **Appellants:** Rishabh Texco…
- **Respondents:** Shivalik Cotsyn…
- **Advocates:** Vipin Kus…; Monica…

## Timeline

- **2018-08-21 — COC Meet…**: Minutes of the Committee of…
- **2018-08-21 — IRP Noti…**: IRP issued notice for…

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