# 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-04238. The application IA-634/2022 was filed seeking to allow the application under section 12A read…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/altech-infrastructure-pvt-ltd-ia-634-2022-in-ib-3013nd2019-9c27773e

## Summary

### Background

The application IA-634/2022 was filed seeking to allow the application under section 12A read with regulation 30A and allow withdrawal of the Corporate Insolvency Resolution Process against the Corporate Debtor under section 12A pursuant to the settlement arrived at between the parties in Company Petition No. (IB)-3013/ND/2019 admitted vide order dated 21.01.2022. The application also sought to exempt and discharge the interim resolution professional from taking any further action in CIRP process and ROC filing.

## Facts

M/s. Reach International filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) against M/s. Altech Infrastructure (P) Ltd. under Section 12A of the IBC, 2016, based on a settlement. The Interim Resolution Professional (IRP) had received the CIRP cost and fee and a claim from one Operational Creditor, but the Committee of Creditors (COC) had not been constituted. The application was filed in Company Petition No. (IB)-3013/ND/2019, which was admitted on 21.01.2022.

## 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 CIRP with the approval of 90%

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**Reasoning:** The court considered the submissions of the applicant and the fact that a settlement had

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

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**Application:** The court applied Section 12A and Regulation 30A to allow the withdrawal of the

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** M/s. Reach…
- **Respondents:** M/s. Altech…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2022-01-21 — Admission of Company…**: Company Petition No.…

## 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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