# In the matter of Ardee Infrastructure Venture Pvt. Ltd.

> NCLT judgment dated 2023-11-02. Citation: TCN-2023-NCLT-00869. The application, IA 5875/2023, was filed by the Resolution Professional (RP) under Section 12A…

- **Court:** NCLT
- **Order date:** 2 Nov 2023
- **Citation:** TCN-2023-NCLT-00869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ardee-infrastructure-venture-pvt-ltd-79c493ec

## Summary

### Background

The application, IA 5875/2023, was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The CoC, in its 6th meeting held on 23.10.2023, resolved with 100% voting to withdraw the CIRP.

## Facts

G.S. Buildtech Pvt. Ltd. filed an application against Ardee Infrastructure Venture Pvt. Ltd. under Section 7 of the IBC, which initiated the CIRP. The Resolution Professional (RP) filed IA 5875/2023 seeking withdrawal of the CIRP based on a settlement between the parties. The Committee of Creditors (CoC) approved the withdrawal with 100% voting in its 6th meeting held on 2023-10-23. The RP was directed to handover all documents and material to the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC should be allowed, …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI (IRP for CP) Regulations,

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**Reasoning:** The court considered the settlement arrived at between the parties and the fact that the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when a settlement is

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**Application:** In this case, the CoC's approval with 100% voting and the settlement between

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** G.S. Buildtech…
- **Respondents:** Ardee Infrastructu…

## Timeline

- **2023-10-23 — 6th CoC M…**: The 6th Committee of Creditors (CoC) meeting was held, where the CoC resolved with 100%…
- **2023-11-02 — Order Del…**: The National Company Law Tribunal (NCLT) delivered an order allowing the withdrawal of…

## 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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