# 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-05182. 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-05182
- **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-b830c9cf

## 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 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 filed an application under Section 12A of the I&B Code, 2016, seeking withdrawal of the CIRP application. The reason for the withdrawal was the settlement of the claim. The Resolution Professional confirmed that all fees and resolution costs had been paid, and no amount was outstanding. The Committee of Creditors (CoC) unanimously approved the Operational Creditor's request to withdraw the application. This approval was 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 of the CIRP under Section 12A of the I&B Code, 2016, …

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

…

**Reasoning:** The court considered the Resolution Professional's submission that the claim had been

…

**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application when a

…

**Application:** In this case, the Resolution Professional filed the application for withdrawal

…

## Parties

- **Judges:** Jinan…
- **Appellants:** Kishore…
- **Respondents:** Balaji Metallics…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sri-balaji-metallics-pvt-ltd-caibno1200-kb-2018-in-cpib-no-165-kb-2018-b830c9cf