# In the matter of Amoda Iron and Steel Limited I.A. No. 100-2022 in TCP (IB) No. 07-9-AMR-2019

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-02203. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-02203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amoda-iron-and-steel-limited-ia-no-100-2022-in-tcp-ib-no-07-9-amr-2019-5a79c3bf

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Amoda Iron and Steel Limited. The Tribunal had previously admitted the TCP (IB) No. 07/9/AMR/2019 via an order dated 2022-04-27.

## Facts

Sakthi International Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Amoda Iron and Steel Limited, the Corporate Debtor. An application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP. The Tribunal had admitted the TCP (IB) No. 07/9/AMR/2019 on 2022-04-27. Mr. Koteswara Rao Gutta was appointed as the Interim Resolution Professional (IRP), but he was later found ineligible due to exceeding the age limit of 70 years by 2022-04-06. A settlement was reached between Sakthi International Private Limited and Amoda Iron and Steel Limited on 2022-05-06. Given the settlement and the ineligibility of the IRP, both parties jointly filed an application to withdraw the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP proceedings under Section 12A of the Insolvency and …

**Ratio:** The Tribunal has the inherent power under Rule 11 of NCLT Rules, 2016, to allow the

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**Reasoning:** The Tribunal reasoned that since a settlement was reached between the Operational

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Application:** In this case, the Tribunal applied the ratio by considering the settlement

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Sakthi Internation…
- **Respondents:** Amoda Iron and…

## Timeline

- **2022-04-06 — IRP Age Att…**: Mr. Koteswara Rao Gutta, the initially appointed IRP, attained the age of 70 years,…
- **2022-04-27 — Admission of…**: The Tribunal admitted TCP…

## 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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