# In the matter of Amerex Private Limited IA-4252-ND-2022 in IB-305-ND-2020

> NCLT judgment dated 2022-09-29. Citation: TCN-2022-NCLT-00890. The application IA/4252/ND/2022 in IB/305/ND/2020 was filed under Section 12A of the Insolvency…

- **Court:** NCLT
- **Order date:** 29 Sept 2022
- **Citation:** TCN-2022-NCLT-00890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amerex-private-limited-ia-4252-nd-2022-in-ib-305-nd-2020-08acf88a

## Summary

### Background

The application IA/4252/ND/2022 in IB/305/ND/2020 was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016. The IRP stated that a compromise had been reached between the parties. Authorization letters from Mr. Arun Kumar and Bhagirath Yadav, partners of M/s. Aster Appliances, were submitted in favor of Mr. Satish Sahebro Deotale, a partner of M/s. Aster Appliances (operational creditor).

## Facts

Satish Sahebro Deotale, the applicant, initiated CIRP against M/s Amerex Private Limited. A compromise was reached between the parties. Mr. Arun Kumar and Bhagirath Yadav, partners of M/s. Aster Appliances, provided authorization letters in favor of Mr. Satish Sahebro Deotale, who is also a partner of M/s. Aster Appliances (operational creditor). The IRP confirmed the compromise, and both counsels for the corporate debtor and operational creditor endorsed the application. All CIRP costs and IRP professional fees were paid. The application was filed under Section 12A of the IBC, seeking to withdraw the CIRP based on the compromise.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016 allows for the withdrawal of CIRP

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**Reasoning:** The court considered the IRP's confirmation of the compromise, the endorsement by

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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 IRP confirmed the compromise, and counsels for both parties

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** Satish Sahebro…
- **Respondents:** M/s Amerex…

## Timeline

- **N/A — Application…**: Application filed under Section 12A of IBC, 2016 for withdrawal of CIRP based on…
- **2022-09-29 — Order Del…**: Order delivered allowing 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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