# In the matter of Vishvakarma Road Equipment Co. Pvt. Ltd. IA-137(AHM)2021 in C.P. (IB) No. 117-9-NCLT-AHM-2019

> NCLT judgment dated 2021-03-09. Citation: TCN-2021-NCLT-02769. IA No. 137 of 2021 was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 9 Mar 2021
- **Citation:** TCN-2021-NCLT-02769
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vishvakarma-road-equipment-co-pvt-ltd-ia-137ahm2021-in-cp-ib-no-117-9-nclt-ahm-2-13881051

## Summary

### Background

IA No. 137 of 2021 was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) for withdrawal of the application. The IRP submitted an email received from the Operational Creditor stating that the creditor had received the claimed amount and instructed to withdraw the matter.

## Facts

The Interim Resolution Professional (IRP) filed IA No. 137 of 2021 under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the application. The basis for the withdrawal was an email from the Operational Creditor stating that it had received the amount claimed and instructed to withdraw the matter. The court considered this email as evidence that the matter had been resolved between the parties. The Corporate Debtor, Vishvakarma Road Equipment Co Pvt Ltd, was involved in the insolvency proceedings. The main CP was also disposed of.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IA No. 137 of 2021 under Section 12A of the Insolvency …

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

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**Reasoning:** The court reasoned that the Operational Creditor's email stating that it had received the

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**Interpretation:** Section 12A is interpreted to allow for withdrawal of insolvency applications

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**Application:** In this case, the court applied the ratio of Section 12A by considering the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Nilesh P Ud…
- **Respondents:** Vishvakarma Road…
- **Advocates:** Nilesh P Ud…

## Timeline

- **2021-03-09 — Order Da…**: The order was issued on March 9, 2021, granting permission for withdrawal of IA No. 137…
- **2021-01-01 — Filing of IA No.…**: IA No. 137 of 2021 is filed under Section 12A of the Insolvency and Bankruptcy Code, 2016…

## 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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