# In the matter of Bhasin Infotech and Infrastructure Pvt. Ltd.IA-747-ND-2022 in IB-437-PB-2017

> NCLT judgment dated 2022-02-16. Citation: TCN-2022-NCLT-04109. An application was filed by the Interim Resolution Professional (IRP) under Section 12-A of the…

- **Court:** NCLT
- **Order date:** 16 Feb 2022
- **Citation:** TCN-2022-NCLT-04109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhasin-infotech-and-infrastructure-pvt-ltdia-747-nd-2022-in-ib-437-pb-2017-a69f727a

## Summary

### Background

An application was filed by the Interim Resolution Professional (IRP) under Section 12-A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30 A(3) of the Insolvency and Bankruptcy Board of India, seeking withdrawal of the company petition. The application stated that the Committee of Creditors (CoC) had not been constituted and the matter had been settled between the parties.

## Facts

M/s. Mecasa furnishing Pvt. Ltd. filed an application against Bhasin Infotech & Infrastructure Pvt. Ltd. under Section 9 of the IBC. The IRP filed an application under Section 12-A of the IBC, 2016, read with Regulation 30 A(3) of the Insolvency and Bankruptcy Board of India, for withdrawal of the company petition. The CoC had not been constituted, and the matter was settled between the parties. The IRP confirmed that all fees had been paid, and no claims were outstanding. The present application stands allowed and the main petition stands withdrawn under Section 12-A of the IBC, 2016 as the same has been settled. Corporate Debtor stands relieved from rigours of CIRP. IRP stands discharged.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition under Section 12-A of the IBC, 2016, …

**Ratio:** Section 12-A of the IBC, 2016, allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the fact that the CoC had not been constituted, indicating that the

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**Interpretation:** Section 12-A is interpreted to facilitate settlements between parties,

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**Application:** In this case, the application for withdrawal was filed by the IRP, stating that

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s Mecasa…
- **Respondents:** Bhasin Infotech &…
- **Advocates:** Gautam Si…; Sujoy D…; +2 more

## Timeline

- **N/A — Application…**: IRP filed an application under Section 12-A of the IBC for withdrawal of the company…
- **2022-02-16 — Order Del…**: The court allowed the application for…

## 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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