# 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-00900. 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-00900
- **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-f6ea6ebe

## 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. This withdrawal is based on a settlement reached between the Financial Creditor, Small Industries Development Bank of India, and the Corporate Debtor, Adkure Technologies Pvt. Ltd. The financial creditor, holding 100% voting rights in the Committee of Creditors (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 (SIDBI), the sole financial creditor with 100% voting power in the Committee of Creditors (CoC), initiated Corporate Insolvency Resolution Process (CIRP) against Adkure Technologies Pvt. Ltd. A One Time Settlement (OTS) proposal was made by Adkure Technologies Pvt. Ltd. on 2022-06-20 for Rs. 13.90 crores against the total admitted dues of Rs. 14.58 crores. The IRP, Ms. Poonam Basak, filed an application (IA 2549/2022) under Section 12A r.w. Regulation 30A seeking withdrawal of the main Company Petition No. 1201/2020. SIDBI also submitted Form-FA dated 2022-07-04 for withdrawal of CIRP. All expenses incurred by the IRP, including professional fees, were paid. The CIRP order was initially passed on 2021-01-21.

## 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 (IBC) allows for the withdrawal of an

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**Reasoning:** The Bench considered the submissions made by the IRP, the settlement between the

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

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

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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 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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