# In the matter of C P Arora Engineers Contractors Private Limited

> NCLT judgment dated 2025-01-23. Citation: TCN-2025-NCLT-00585. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Jan 2025
- **Citation:** TCN-2025-NCLT-00585
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/c-p-arora-engineers-contractors-private-limited-98b8856e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to allow the Operational Creditor to withdraw the application bearing No. IB/78/ND/2024. The IRP submitted that a settlement agreement was reached between the parties, and the Corporate Debtor (CD) made the entire settlement amount payment, with no outstanding dues. The IRP also confirmed that the cost has been received.

## Facts

The Interim Resolution Professional (IRP) filed an application (IA/413/ND/2025) under Section 12A of the Insolvency and Bankruptcy Code, 2016, to withdraw the insolvency application (IB/78/ND/2024). A settlement agreement was reached between Continental Energy Solutions (Applicant) and CP Arora Engineers Contractors Private Limited (Corporate Debtor). The Corporate Debtor made the entire settlement amount payment, and there were no outstanding dues. The IRP also received the cost. The applicant's counsel and the Corporate Debtor's counsel were physically present, while the IRP's counsel was present via video conference.

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) should be permitted to withdraw the insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016 allows for the withdrawal of an

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**Reasoning:** The Tribunal reasoned that considering the facts, circumstances, and submissions on

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

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**Application:** In this case, the ratio and reasoning were applied to the specific facts, where

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Continental…
- **Respondents:** CP Arora Engineers…

## Timeline

- **2025-01-23 — Order Del…**: The order was delivered…

## 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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