# In the matter of Sri Balaji Metallics Pvt. Ltd. CA(IB)No.1200-KB-2018 In C.P.(IB) No. 165-KB-2018

> NCLT judgment dated 2019-01-23. Citation: TCN-2019-NCLT-05184. The case pertains to an application filed by the Resolution Professional (RP) under Section 12A…

- **Court:** NCLT
- **Order date:** 23 Jan 2019
- **Citation:** TCN-2019-NCLT-05184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-balaji-metallics-pvt-ltd-caibno1200-kb-2018-in-cpib-no-165-kb-2018-485f1c1a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the application due to settlement of the claim. The RP has submitted that their fees and resolution costs have been paid, and no dues remain regarding the resolution cost towards the Corporate Insolvency Resolution Process (CIRP).

## Facts

The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the application. The reason for the withdrawal is the settlement of the claim. The RP confirmed that all fees and resolution costs have been paid, and there are no outstanding dues related to the Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) unanimously approved the Operational Creditor's request to withdraw the application. This approval is in compliance with Section 12A of the Code, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Issues and analysis

### Issue 1: Whether the application for withdrawal under Section 12A of the I&B Code, 2016, should be …

**Ratio:** Section 12A of the I&B Code, 2016, allows for the withdrawal of an application if the

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**Reasoning:** The court considered the RP's submission that the claim was settled and all dues were

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow withdrawal of CIRP

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**Application:** In this case, the RP's application for withdrawal was based on a settlement,

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## Parties

- **Judges:** Jinan…
- **Appellants:** Kishore…
- **Respondents:** Balaji Metallics…
- **Advocates:** Akash S…; Rahul Parasrampuri…; +1 more

## Timeline

- **2019-01-23 — Hearing…**: Hearing held on January…

## 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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