# In the matter of Viksun Steel and Alloy Pvt. Ltd. IA-123(AHM)2021 in C.P (IB) No. 41-9-NCLT-AHM-2019

> NCLT judgment dated 2021-02-22. Citation: TCN-2021-NCLT-02974. The case pertains to an application filed under Section 12A of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 22 Feb 2021
- **Citation:** TCN-2021-NCLT-02974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/viksun-steel-and-alloy-pvt-ltd-ia-123ahm2021-in-cp-ib-no-41-9-nclt-ahm-2019-aa7c794a

## Summary

### Background

The case pertains to an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) along with Form FA, signed by the Proprietor/Operational Creditor. The application seeks to withdraw the instant application as the matter has been settled and compromised.

## Facts

An application was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, by the IRP along with Form FA, signed by the Proprietor/Operational Creditor. The application was filed to withdraw the instant application because the parties have reached a settlement and the matter is compromised. The IRP filed the application with the consent of the Operational Creditor. The court considered the settlement and allowed the withdrawal of the application. The Operational Creditor is directed to clear the dues of the IRP, if any. This indicates that the parties have resolved their dispute outside of the insolvency proceedings, leading to the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, for …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The court reasoned that since the parties have reached a settlement and the matter is

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**Interpretation:** Section 12A is interpreted to facilitate settlements between the parties

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**Application:** In this case, the IRP, along with the Operational Creditor, filed an

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## Parties

- **Judges:** Manorama…; Virendra Kumar…
- **Respondents:** Viksun Steel &…

## Timeline

- **2019-01-01 — Case Fil…**: The case was filed as C.P.…
- **2021-02-22 — Hearing…**: Hearing conducted through video conferencing before the Ahmedabad Bench of the National…

## 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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