# 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-02876. 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-02876
- **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-ebe6afd4

## 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 has been settled between the parties. The settlement was arrived at between the parties and approved by the CoC.

## Facts

Rajesh Gupta (Applicant) initiated a case against Aditya Interseas Pvt Ltd (Respondent) under Section 9 of the IBC. The IRP moved an application (IA/2010/ND/2022) for withdrawal of the proceedings under Section 12A of the IBC, stating that the matter had been settled between the parties. The settlement was approved by the Committee of Creditors (CoC). The IRP also stated that they had been fully paid and had no grievance. The court then allowed the application, withdrew the proceedings, and terminated the Corporate Insolvency Resolution Process (CIRP).

## Issues and analysis

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

**Ratio:** A settlement between parties, when approved by the Committee of Creditors (CoC), provides

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**Reasoning:** The court considered the IRP's statement that the matter had been settled between the

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of CIRP applications if

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**Application:** In this case, the IRP's application for withdrawal, supported by the settlement

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## Parties

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

## Timeline

- **N/A — Application for…**: The IRP moved an application for withdrawal of the proceedings under Section 12A of the…
- **N/A — Settlement and CoC…**: The matter was settled between the parties,…

## 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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