# In the matter of Soubhagyalaxmi Foods Pvt. Ltd. IA-17(IND)2021in TP 21 of 2019 {CP(IB) No. 512 of 2019}

> NCLT judgment dated 2021-02-04. Citation: TCN-2021-NCLT-03127. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 4 Feb 2021
- **Citation:** TCN-2021-NCLT-03127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/soubhagyalaxmi-foods-pvt-ltd-ia-17ind2021in-tp-21-of-2019-cpib-no-512-of-2019-af0703d1

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, indicating that a settlement has been reached between the parties. The Committee of Creditors (CoC) was not formed. The matter was heard by the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad.

## Facts

An application was filed under Section 12A of the IBC, 2016, indicating a settlement between the parties. The CoC was not formed. IA 17 of 2021 was filed in TP 21 of 2019, which is related to CP(IB) 512 of 2019. The Resolution Professional, Mangesh Kekre, appeared. The PCA, Pradip Tulsian, also appeared. The court allowed the application and disposed of the main CP(IB) 512 of 2019. The order admitting the Corporate Debtor into CIRP was set aside.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC, 2016, should be allowed given the settlement …

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

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**Reasoning:** The court reasoned that since a settlement was reached between the parties and the CoC

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**Interpretation:** Section 12A is interpreted to allow for withdrawal of CIRP applications upon

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Harra Pol…; Soubhagyalaxmi…

## Timeline

- **2021-02-04 — Order Da…**: The order was issued on February 4, 2021, disposing of IA 17 of 2021 and CP(IB) 512 of…

## 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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