# In the matter of Aadnath Trade Wings Private Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00134. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). A…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00134
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aadnath-trade-wings-private-limited-e0bea55b

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). A compliance affidavit related to an order dated 2025-04-23 has been filed. The operational creditor is listed as the only sundry creditor, excluding unsecured loans from relatives. The operational creditor is also the only member of the Committee of Creditors (COC).

## Facts

M/s. Polyhose India Private Limited filed an application against Aadnath Trade Wings Pvt Ltd under Section 9 of the IBC. A compliance affidavit related to the order dated 2025-04-23 has been filed. The Operational Creditor is listed as the only sundry creditor, excluding unsecured loans from relatives, and is also the only member of the COC. The OC submitted a settlement agreement on 2025-04-04, and the proposal for filing a withdrawal application under Section 12A of the IBC was approved in the second COC meeting. The matter is settled between both parties. The withdrawal petition under Section 12 A was filed for a claim amount of Rs. 7,80,06,162, against which the RP had admitted a claim of Rs. 3,07,09,934. The CIRP proceedings have been withdrawn based on the

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## Issues and analysis

### Issue 1: Whether the withdrawal petition under Section 12A of the IBC should be allowed given the settlement …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court reasoned that since the matter is settled between the parties and the

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

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**Application:** In this case, the settlement agreement was submitted by the OC, who is also the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** M/s. Polyhose…
- **Respondents:** Aadnath Trade…
- **Advocates:** Tirth N…

## Timeline

- **2025-04-23 — Order Da…**: Compliance affidavit to the order…
- **2025-02-18 — Financial Statement…**: Period ending Feb 18, 2025, the Operational Creditor is reflected as the only Sundry…

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