# In the matter of Bajaj Appliances Ltd. IA-3308-ND-2022 in IB-227-ND-2019

> NCLT judgment dated 2022-07-18. Citation: TCN-2022-NCLT-01683. The application IA/3308/ND/2022 was filed by the Resolution Professional (RP) under Section 12A…

- **Court:** NCLT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLT-01683
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bajaj-appliances-ltd-ia-3308-nd-2022-in-ib-227-nd-2019-fe2c464f

## Summary

### Background

The application IA/3308/ND/2022 was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings. This was due to a settlement reached between the parties involved. The necessary Form-FA was filed, indicating the settlement. The IRP's fees and costs were already paid, and no claims were outstanding. The Committee of Creditors (CoC) had not been constituted.

## Facts

Shree Navrang Suppliers Pvt Ltd initiated CIRP against Bajaj Appliances Ltd. An application IA/3308/ND/2022 was filed by the RP under Section 12A of the IBC for withdrawal of the CIRP proceedings based on a settlement between the parties. Form-FA, indicating the settlement, was filed. The IRP's fees and costs were already paid, and no claims were outstanding. The CoC had not been constituted. Two other applications, IA/1405/ND/2022 and IA/1412/ND/2022, were pending. The key fact is the settlement between the parties, which led to the withdrawal application and the subsequent discharge of the Corporate Debtor from CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC, based on a settlement …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP proceedings if a settlement is

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**Reasoning:** The court considered the RP's application for withdrawal, the settlement between the

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** The court applied Section 12A to the facts of the case, finding that the

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## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** Shree Navrang…
- **Respondents:** Bajaj Appliances…

## Timeline

- **N/A — Filing of IA/3308/ND/202…**: Application filed by the RP under Section 12A of the IBC for withdrawal of CIRP…
- **2022-07-18 — 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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