# In the matter of Altech Infrastructures Private Limited IA No. 411 of 2022 In IB No. 3013-ND-2019

> NCLT judgment dated 2022-02-01. Citation: TCN-2022-NCLT-04298. M/s Reach International, the operational creditor, initiated CIRP against M/s Altech…

- **Court:** NCLT
- **Order date:** 1 Feb 2022
- **Citation:** TCN-2022-NCLT-04298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/altech-infrastructures-private-limited-ia-no-411-of-2022-in-ib-no-3013-nd-2019-bf1783cd

## Summary

### Background

M/s Reach International, the operational creditor, initiated CIRP against M/s Altech Infrastructure Private Limited under Section 9 of the IBC, 2016. The Adjudicating Authority initiated the CIRP process and appointed Mr. Vinod Kumar Chaurasia as the Interim Resolution Professional (IRP). Subsequently, the applicants (M/s Reach International and Mr. Amit Kumra, the suspended director of the corporate debtor) filed an application (I.A. No. 411 of 2022) seeking withdrawal of the Company Petition No. (IB)-3013 (ND) 2019 based on a settlement between the parties. The IRP opposed the withdrawal application, arguing that the applicants should file the withdrawal application through the IRP under Regulation 30A read with Section 12A of the IBC, 2016.

## Facts

M/s Reach International, acting as the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Altech Infrastructure Private Limited, the Corporate Debtor, by filing Company Petition No. (IB)-3013 (ND) 2019 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition and initiated CIRP, appointing Mr. Vinod Kumar Chaurasia as the Interim Resolution Professional (IRP). Subsequently, M/s Reach International and Mr. Amit Kumra, the suspended director of the Corporate Debtor, jointly filed I.A. No. 411 of 2022 seeking withdrawal of the CIRP application based on a settlement reached between the parties, evidenced by a Memorandum of Settlement dated 21.01.2022 and notarized on

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## Issues and analysis

### Issue 1: Whether Rule 11 of NCLT Rules 2016 can be invoked in the instant case for withdrawal of CP …

**Ratio:** The inherent power under Rule 11 of the NCLT Rules, 2016, cannot be invoked to bypass

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**Reasoning:** The NCLT reasoned that Section 12A and Regulation 30A provide a specific mechanism for

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**Interpretation:** The interpretation of Rule 11 of the NCLT Rules, 2016, is that it provides for

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**Application:** In this case, the applicants sought to withdraw the CIRP application under Rule

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## Parties

- **Judges:** Sh. Abni Ranjan…; SH. L. N.…
- **Appellants:** M/s. Reach…
- **Respondents:** M/s. Altech…

## Timeline

- **2019-01-01 — Filing of Company…**: M/s Reach International filed Company Petition No. (IB)-3013 (ND) 2019 under Section 9 of…
- **2022-01-21 — Order for CIRP…**: The Adjudicating Authority initiated the CIRP process against M/s Altech Infrastructure…

## 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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