# In the matter of AMS Trading And Investment
Private Limited IA 3443-2022 (New IA) in C.P.(IB)-3793(MB)2019

> NCLT judgment dated 2022-11-18. Citation: TCN-2022-NCLT-00406. The Interim Application (IA) 3443/2022 was filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 18 Nov 2022
- **Citation:** TCN-2022-NCLT-00406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ams-trading-and-investment-private-limited-ia-3443-2022-new-ia-in-cpib-3793mb201-9a3eb7dd

## Summary

### Background

The Interim Application (IA) 3443/2022 was filed by the Resolution Professional (RP) seeking orders from the National Company Law Tribunal (NCLT), Mumbai Bench, under Section 12A read with Section 60(5) of the Insolvency and Bankruptcy Code (IBC) and regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) regulations, 2016. The application pertains to the withdrawal of the concern petition.

## Facts

The Resolution Professional (RP) filed IA 3443/2022 seeking orders for withdrawal of a concern petition. The counsel for the Interim Resolution Professional (IRP) submitted that a full and final settlement amount, as per the consent terms and Deed of Settlement, has been paid to the satisfaction of the Financial Creditor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Ams Trading And Investment Private Limited. CP bearing no 3793/2019 was related to the CIRP.

## Issues and analysis

### Issue 1: Whether the IA 3443/2022 filed by the RP seeking orders for withdrawal of the concern petition …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court reasoned that the counsel appearing for the IRP submitted that the full and

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow for the withdrawal of

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**Application:** Given the submission that the settlement amount was paid and the Financial

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Premier Road…
- **Respondents:** Ams Trading And…

## Timeline

- **2022-11-18 — Hearing…**: Order sheet of the…

## 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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