# In the matter of Aadhar Infraholding Limited

> NCLT judgment dated 2024-06-26. Citation: TCN-2024-NCLT-01119. The application, I.A. 3281/2024, was filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 26 Jun 2024
- **Citation:** TCN-2024-NCLT-01119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aadhar-infraholding-limited-8c772c4e

## Summary

### Background

The application, I.A. 3281/2024, was filed by the Resolution Professional (RP) under Section 12A seeking withdrawal of the petition. The basis for the withdrawal is the settlement reached between the parties involved.

## Facts

The Resolution Professional (RP) filed an application (I.A. 3281/2024) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the insolvency petition. The reason for seeking withdrawal is that the matter has been settled between M/s. Adamya Export and Import Pvt. Ltd. and M/s. Aadhar Infra Holding Ltd. A settlement agreement dated 19.06.2024 was placed on record. The RP affirmed that all requirements under Regulation 30A of the CIRP Regulations have been met. The court considered these facts and disposed of the Company Petition and the I.A.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition under Section 12A of the Insolvency and …

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

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**Reasoning:** The court considered the settlement agreement between the parties and the RP's submission

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for parties to settle their

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**Application:** In this case, the settlement agreement and the RP's submission confirm that the

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## Parties

- **Judges:** Reeta K…; Sh. Ashish…
- **Appellants:** M/s. Adamya…
- **Respondents:** M/s. Aadhar Infra…
- **Advocates:** Manvi…; Manav G…; +1 more

## Timeline

- **2024-06-19 — Settlement Ag…**: Settlement agreement dated…
- **2024-06-26 — Order Del…**: Order delivered on 26.06.2024, disposing of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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