# In the matter of Uttarayan Steel Pvt. Ltd. CP No. (IB)-408-ALD-2019

> NCLT judgment dated 2021-09-15. Citation: TCN-2021-NCLT-01117. An application was filed under Section 12A of the Code seeking to withdraw CP…

- **Court:** NCLT
- **Order date:** 15 Sept 2021
- **Citation:** TCN-2021-NCLT-01117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uttarayan-steel-pvt-ltd-cp-no-ib-408-ald-2019-6ae127f1

## Summary

### Background

An application was filed under Section 12A of the Code seeking to withdraw CP No.(IB)408/ALD/2019. The IRP counsel stated that the parties have amicably settled the matter after the initiation of CIRP vide order dated 25.08.2021. Only one claim from Punjab National Bank was received and was under verification, and the CoC was not formed.

## Facts

An application was filed under Section 12A to withdraw CP No.(IB)408/ALD/2019. The parties involved reached an amicable settlement after the CIRP initiation on 2021-08-25. Only one claim was received from Punjab National Bank, which was under verification. Consequently, the Committee of Creditors (CoC) was not formed. The IRP confirmed that all costs and fees related to the IRP were paid, with no outstanding dues. The court considered the submissions and documents presented.

## Issues and analysis

### Issue 1: Whether the application to withdraw CP No.(IB)408/ALD/2019 should be allowed based on the amicable …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of an

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**Reasoning:** The court considered the submissions and documents on record, noting the amicable

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

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**Application:** In this case, the parties reached an amicable settlement after the initiation

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** M/S SHREE…
- **Respondents:** UTTARAYAN STEEL…

## Timeline

- **N/A — Filing of App…**: Application filed U/s 12A of the Code…
- **2021-08-25 — CIRP Init…**: CIRP initiated vide…

## 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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