# In the matter of Aditya Interseas Pvt. Ltd. IA-2010-ND-2020 in IB-648-ND-2020

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-02881. The application IA/2010/ND/2022 was moved on behalf of the IRP for withdrawal of proceedings…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02881
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditya-interseas-pvt-ltd-ia-2010-nd-2020-in-ib-648-nd-2020-63fba425

## Summary

### Background

The application IA/2010/ND/2022 was moved on behalf of the IRP for withdrawal of proceedings under Section 12A of the IBC. The IRP stated that the matter had been settled between the parties. The settlement was arrived at between the parties and approved by the CoC.

## Facts

An application, IA/2010/ND/2022, was filed for the withdrawal of proceedings under Section 12A of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) stated that the matter had been settled between the involved parties. The settlement was reached between the parties and received approval from the Committee of Creditors (CoC). The IRP's counsel stated that the IRP had been fully paid and had no grievances. The application for withdrawal was thus considered.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of proceedings under Section 12A of the IBC should be …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP applications with the approval

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**Reasoning:** The court reasoned that since the matter had been settled between the parties and the CoC

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes and withdraw

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**Application:** In this case, the settlement between Rajesh Gupta and Aditya Interseas Pvt

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Rajesh…
- **Respondents:** Aditya Interseas…
- **Advocates:** Prachi…

## Timeline

- **N/A — Application for…**: An application was moved on behalf of the IRP for withdrawal of the proceedings under…
- **N/A — Settleme…**: The IRP stated that the matter had…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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