# In the matter of Adkure Technologies Pvt. Ltd. IA-2549 & 2749-2022 in C.P. (IB)-1201(MB)2020

> NCLT judgment dated 2022-09-29. Citation: TCN-2022-NCLT-00896. The case involves an application for withdrawal of a Company Petition No. 1201/2020 under…

- **Court:** NCLT
- **Order date:** 29 Sept 2022
- **Citation:** TCN-2022-NCLT-00896
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adkure-technologies-pvt-ltd-ia-2549-2749-2022-in-cp-ib-1201mb2020-e9974350

## Summary

### Background

The case involves an application for withdrawal of a Company Petition No. 1201/2020 under Section 12A r.w. Regulation 30A, sought by the IRP, Ms. Poonam Basak. The withdrawal is based on a settlement between the Financial Creditor (Small Industries Development Bank of India) and the Corporate Debtor (Adkure Technologies Pvt. Ltd.). The Financial Creditor, holding 100% voting of the CoC, received a One Time Settlement (OTS) proposal dated 20.06.2022 from the Corporate Debtor for Rs. 13.90 crores against total admitted dues of Rs. 14.58 crores.

## Facts

The Small Industries Development Bank of India initiated CIRP against Adkure Technologies Pvt. Ltd. A Company Petition (No. 1201/2020) was filed. Subsequently, Adkure Technologies Pvt. Ltd. proposed a One Time Settlement (OTS) to the bank on 2022-06-20, offering Rs. 13.90 crores against admitted dues of Rs. 14.58 crores. The bank, being the sole financial creditor with 100% voting share in the Committee of Creditors (CoC), accepted the OTS. The IRP, Ms. Poonam Basak, then filed an application (IA 2549/2022) to withdraw the Company Petition under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A. The Financial Creditor submitted Form-FA for withdrawal of CIRP. The NCLT considered the submissions and the settlement agreement, leading to

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition No. 1201/2020 under Section 12A r.w. …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A, allows

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**Reasoning:** The court reasoned that the Financial Creditor and the Corporate Debtor had reached a

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the Financial Creditor and Corporate Debtor reached a settlement

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## Parties

- **Judges:** ANURADHA SANJAY…; H.V. Subb…
- **Respondents:** Adkure Technologie…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2021-01-21 — CIRP Ord…**: CIRP order was passed…

## 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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