# In the matter of Teamwork Cables Pvt. Ltd. IA 35-2020 in C.P. (I.B) No. 166-NCLT-AHM-2018

> NCLT judgment dated 2020-01-10. Citation: TCN-2020-NCLT-02397. The case involves an application for withdrawal of a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/teamwork-cables-pvt-ltd-ia-35-2020-in-cp-ib-no-166-nclt-ahm-2018-13704d76

## Summary

### Background

The case involves an application for withdrawal of a corporate insolvency resolution process (CIRP) initiated under Section 12A of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated against BLS Polymers Ltd, and an Interim Resolution Professional (IRP) was appointed. Before the constitution of the Committee of Creditors (COC), the parties reached a settlement.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case being admitted on 2019-12-20. Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP), who also made a public announcement on 2020-01-02. Subsequently, on 2020-01-04, the involved parties reached a mutual settlement. An application was then filed under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the CIRP. The Operational Creditor confirmed receiving the due amount from the Respondent. The Committee of Creditors (COC) had not yet been constituted at the time of the settlement. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP based on the settlement and the stage

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## Issues and analysis

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

**Ratio:** The legal principle applied is that under Section 12A of the IBC, an application for

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**Reasoning:** The court reasoned that since the parties had reached a settlement and the COC had not

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**Interpretation:** The interpretation of Section 12A and the Supreme Court's clarification is that

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**Application:** In this specific case, the court applied the ratio and reasoning by considering

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** BLS Polyme…; Teamwork Cables…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) No.166/NCLT/AHM/2…
- **2019-12-20 — CIRP Admi…**: The CP(IB) 166/2018 was…

## 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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