# In the matter of SRK Constructions and Projects Private Limited 
IA 593-2020 in CP (IB) No. 75-9-HDB-2019

> NCLT judgment dated 2020-09-08. Citation: TCN-2020-NCLT-00680. The case involves an application filed by ThyssenKrupp Industries India Pvt Ltd, the…

- **Court:** NCLT
- **Order date:** 8 Sept 2020
- **Citation:** TCN-2020-NCLT-00680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srk-constructions-and-projects-private-limited-ia-593-2020-in-cp-ib-no-75-9-hdb-6231cc08

## Summary

### Background

The case involves an application filed by ThyssenKrupp Industries India Pvt Ltd, the Operational Creditor, under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, seeking permission to withdraw the Company Petition CP(IB)No.75/9/HDB/2019. The Tribunal had previously admitted a petition under Section 9 of the IBC filed by the Operational Creditor against SRK Constructions & Projects Private Limited, the Corporate Debtor, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP).

## Facts

ThyssenKrupp Industries India Pvt Ltd, the Operational Creditor, filed a petition under Section 9 of the IBC against SRK Constructions & Projects Private Limited, the Corporate Debtor. The NCLT admitted the petition on 2019-12-16, initiating CIRP and appointing an IRP. SRK Constructions & Projects Private Limited filed an appeal against the NCLT's order. The NCLAT passed an interim order on 2020-01-30, giving directions to the IRP. The Operational Creditor and Corporate Debtor entered into a settlement, with the Corporate Debtor paying Rs. 54,08,292/- to the Operational Creditor. The Operational Creditor then filed an application under Section 12A of the IBC to withdraw the petition. The Corporate Debtor also withdrew its appeal before the NCLAT. The IRP

…

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 12A of the I&B Code for …

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

…

**Reasoning:** The Tribunal considered that the parties had reached a settlement, the Corporate Debtor

…

**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes amicably

…

**Application:** In this case, the parties had settled their dispute, the Corporate Debtor had

…

## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…
- **Appellants:** Mr.Kranthi Kumar…
- **Respondents:** SRK Constructions…; SRK Constructions…

## Timeline

- **2019-12-16 — Admission of Section 9…**: The Tribunal admitted the petition filed under Section 9 of the IBC by the Operational…
- **2020-01-30 — NCLAT Interi…**: The NCLAT passed an interim order…

## 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/srk-constructions-and-projects-private-limited-ia-593-2020-in-cp-ib-no-75-9-hdb-6231cc08