# In the matter of Svaryu Energy Limited

> NCLT judgment dated 2026-04-21. Citation: TCN-2026-NCLT-00471. The Applicant, Gemscab Industries Ltd, filed a withdrawal application before the NCLT, Chennai…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00471
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/svaryu-energy-limited-a8f6df18

## Summary

### Background

The Applicant, Gemscab Industries Ltd, filed a withdrawal application before the NCLT, Chennai Bench, concerning a company petition (C.P. (IB)/88(CHE)2024) that had been admitted. This withdrawal was sought because a settlement for Rs. 1.80 crore had been reached between the parties before the Hon'ble NCLAT, and a settlement memo was filed there.

## Facts

An application for withdrawal, IA(I.B.C)/643(CHE)2026, was filed by Gemscab Industries Ltd (Applicant).

The main company petition is C.P. (IB)/88(CHE)2024, filed against Svaryu Energy Ltd (Respondent).

The withdrawal application was filed because the matter had been settled for Rs. 1.80 crore before the Hon'ble NCLAT.

A settlement memo was filed before the Hon'ble NCLAT.

The Hon'ble NCLAT, vide its order dated 17.03.2026, stated that the NCLT's order dated 24.02.2026 lost its significance due to the settlement.

The NCLAT dismissed the appeal consequent to the settlement.

The main company petition C.P. (IB)/88(CHE)2024 had been admitted.

The Corporate Insolvency Resolution Process (CIRP) initiated was terminated.

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition, filed under Section 12A read with …

**Ratio:** An application for withdrawal of a Corporate Insolvency Resolution Process (CIRP)

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**Reasoning:** The NCLAT, being the appellate authority, has already taken cognizance of the settlement

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**Interpretation:** Section 12A of the IBC, read with Regulation 30A, provides a mechanism for

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**Application:** The NCLT allowed the withdrawal application, acknowledging the settlement

…

## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Gemscab Industries…
- **Respondents:** Svaryu Ener…
- **Advocates:** Syed Af…; Kumarpal…

## Timeline

- **2026-02-24 — NCLT Ord…**: Date of the NCLT order which later lost…
- **2026-03-17 — NCLAT Or…**: Date when Hon'ble NCLAT passed an order stating that the NCLT order dated 24.02.2026…

## 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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