# In the matter of Altech Infrastructure Pvt.  Ltd. IA-634-2022 in (IB)-3013(ND)2019

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04237. The case involves an application (IA-634/2022) filed in relation to Company Petition No.…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/altech-infrastructure-pvt-ltd-ia-634-2022-in-ib-3013nd2019-1487fd6e

## Summary

### Background

The case involves an application (IA-634/2022) filed in relation to Company Petition No. (IB)-3013/ND/2019 under Section 9 of the IBC, 2016. The applicant sought to allow the application under Section 12A read with regulation 30A for withdrawal of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties. The applicant also requested to exempt and discharge the interim resolution professional (IRP) from further action in the CIRP process and ROC filing.

## Facts

M/s. Reach International filed a petition against M/s. Altech Infrastructure (P) Ltd. under Section 9 of the IBC, 2016, leading to the initiation of CIRP. Subsequently, an application (IA-634/2022) was filed seeking withdrawal of the CIRP under Section 12A due to a settlement between the parties. The IRP had received the CIRP cost and fee, and one operational creditor had filed a claim, but the COC had not been constituted. The application was admitted vide order dated 21.01.2022. The applicant submitted Form FA along with the application. The key fact is the settlement between the parties, which led to the application for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application under Section 12A read with regulation 30A for withdrawal of the Corporate …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the submissions of the applicant's counsel, noting that a settlement

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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 applicant sought to withdraw the CIRP based on a settlement.

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** M/s. Reach…
- **Respondents:** M/s. Altech…
- **Advocates:** Ishwar Moh…; Sonam S…; +4 more

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2022-01-21 — Order Admitting…**: Order admitting the…

## 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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