# In the matter of Velani Roadbuilders India Pvt. Ltd. MA 63-2020 in C.P-2092(MB)-2019

> NCLT judgment dated 2020-01-24. Citation: TCN-2020-NCLT-02195. The case involves an application filed by the Interim Resolution Professional (IRP) of the…

- **Court:** NCLT
- **Order date:** 24 Jan 2020
- **Citation:** TCN-2020-NCLT-02195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/velani-roadbuilders-india-pvt-ltd-ma-63-2020-in-cp-2092mb-2019-c4213382

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of the Corporate Debtor seeking the court's permission to allow the Operational Creditor to withdraw the main Company Petition. This request is based on a settlement reached between the Operational Creditor and the Corporate Debtor. The IRP reported that no other claims were received following a public advertisement, and the Corporate Debtor has paid Rs.17 Lac to the Operational Creditor. The Bench had previously imposed a cost of Rs.1.75 Lac on the Corporate Debtor, to be paid to the Prime Minister's National Relief Fund (PMNRF). Proof of this payment was submitted to the court.

## Facts

The Interim Resolution Professional (IRP) of Velani Roadbuilders India Pvt Ltd filed an application seeking permission to allow the Operational Creditor to withdraw the main Company Petition based on a settlement. No other claims were received after a public advertisement. The Corporate Debtor paid Rs.17 Lac to the Operational Creditor. The court had previously imposed a cost of Rs.1.75 Lac on the Corporate Debtor, payable to the Prime Minister's National Relief Fund (PMNRF), and proof of payment was submitted. The court noted compliance with its previous order and the full settlement of the Operational Creditor's claim. No other creditors filed claims before the IRP. The relevance of these facts lies in demonstrating that the conditions for withdrawal of the petition

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## Issues and analysis

### Issue 1: Whether the court should allow the Operational Creditor to withdraw the main Company Petition based …

**Ratio:** The principle of allowing withdrawal of an application under Section 12A of the

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**Reasoning:** The court reasoned that a settlement had been reached, and the Operational Creditor

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

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**Application:** In this case, the Operational Creditor consented to the withdrawal, and the

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Respondents:** Velani Roadbuilder…

## Timeline

- **2020-01-10 — Matter Cons…**: The matter was considered, and the Bench imposed a cost of Rs.1.75 Lac upon the Corporate…
- **2020-01-17 — Deadline for…**: Deadline for the Corporate Debtor to pay…

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