# In the matter of Sri Ganesh Automotive Impex Pvt. Ltd.

> NCLT judgment dated 2022-01-06. Citation: TCN-2022-NCLT-04522. The case involves an application for withdrawal of Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 6 Jan 2022
- **Citation:** TCN-2022-NCLT-04522
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-ganesh-automotive-impex-pvt-ltd-b6428893

## Summary

### Background

The case involves an application for withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings under Section 12-A of the Insolvency and Bankruptcy Code (IBC). The matter was settled, and government dues, including GST and VAT amounting to Rs. 20,000/-, were cleared.

## Facts

M/s Gitansh International Pvt Ltd initiated CIRP against a Corporate Debtor. An IRP was appointed. During the CIRP, the parties reached a settlement. As part of the settlement, the Corporate Debtor paid outstanding government dues of Rs. 20,000/- related to GST and VAT. The IRP then filed an application under Section 12-A of the IBC for withdrawal of the CIRP proceedings. The NCLT considered the settlement and the payment of dues and accepted the application, withdrawing the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12-A of the IBC should be allowed …

**Ratio:** Section 12-A of the IBC allows for the withdrawal of CIRP proceedings with the approval

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**Reasoning:** The court reasoned that the matter had been settled between the parties, and the

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**Interpretation:** Section 12-A provides a mechanism for parties to settle their disputes and

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**Application:** In this case, the parties reached a settlement, and the Corporate Debtor paid

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s Gitansh…
- **Respondents:** M/s Sri Ganesh…

## Timeline

- **N/A — CIRP Init…**: CIRP initiated against…
- **N/A — Settlement…**: Parties reached a…

## 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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