# 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-02403. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 10 Jan 2020
- **Citation:** TCN-2020-NCLT-02403
- **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-2018-937e36e6

## 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. The application for withdrawal was filed based on a settlement reached between the parties after the admission of the CIRP but before the constitution of the Committee of Creditors (COC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case registered as CP(IB) No.166/NCLT/AHM/2018. The CIRP was admitted on December 20, 2019, and Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP). A public announcement was made on January 2, 2020. Subsequently, on January 4, 2020, the parties reached a mutual settlement. The Operational Creditor filed an application under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for 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. The application for withdrawal was filed through the IRP, with a duly executed Form-FA.

## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of a CIRP application under Section 12A of the IBC after …

**Ratio:** The NCLT has the power to allow or disallow an application for withdrawal or settlement,

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**Reasoning:** The court reasoned that since the COC had not yet been constituted, it could directly

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of an application admitted

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**Application:** In this case, the parties reached a settlement after the CIRP was admitted but

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** BLS Polyme…; Teamwork Cables…
- **Advocates:** Love. S.…; Mrugesh…; +2 more

## Timeline

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

## 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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