# In the matter of Veera Precicast Private Limited IA No. 878-2020 in CP (IB) No. 648-7-HDB-2019

> NCLT judgment dated 2020-10-14. Citation: TCN-2020-NCLT-00390. The case involves an Interlocutory Application (IA No. 878/2020) filed in connection with a…

- **Court:** NCLT
- **Order date:** 14 Oct 2020
- **Citation:** TCN-2020-NCLT-00390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/veera-precicast-private-limited-ia-no-878-2020-in-cp-ib-no-648-7-hdb-2019-668a9491

## Summary

### Background

The case involves an Interlocutory Application (IA No. 878/2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Veera Precicast Private Limited under CP (IB) No. 648/7/HDB/2019. The application was filed by the Interim Resolution Professional (IRP) seeking to withdraw the CIRP under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The initial application for CIRP was filed by a Financial Creditor, M/s. Azad Engineering Private Limited, and was admitted on 21.09.2020. The IRP had issued a public announcement, but no claims were received. Subsequently, the applicant received a withdrawal application along with a settlement agreement from the Financial Creditor, stating that the matter had been settled with

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## Facts

M/s. Veera Precicast Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under CP (IB) No. 648/7/HDB/2019. The CIRP was initiated based on an application filed by Financial Creditor M/s. Azad Engineering Private Limited, which was admitted on 21.09.2020. Mr. Anjaneyulu Sadhu was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 25.09.2020, but no claims were received. Subsequently, the IRP received a withdrawal application in Form-FA along with a Settlement Agreement dated 30.09.2020 from the Financial Creditor, stating that the matter had been settled. The Financial Creditor also paid ₹2,26,356/- towards IRP fee and advertisement charges. The IRP then filed IA No. 878/2020 seeking to withdraw the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is empowered to allow the withdrawal of the Corporate Insolvency …

**Ratio:** Section 12A of the IB Code, 2016, read with Regulation 30A of the Insolvency &

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**Reasoning:** The Adjudicating Authority is empowered to allow the prayer for withdrawal by exercising

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application if certain

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**Application:** The Adjudicating Authority considered the provisions of Section 12A of the IB

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## Parties

- **Judges:** K. Anantha…
- **Respondents:** M/s. Veera…

## Timeline

- **2019-01-01 — Initiation…**: CP (IB) No.648/7/HDB/2019 filed by Financial Creditor (M/s. Azad Engineering Private…
- **2020-09-21 — Admission of Ap…**: The Adjudicating Authority admitted the application for initiation of CIRP against the…

## 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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