# In the matter of D C W Ltd. IA 372 of 2022 in CP(IB) 380 of 2020

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-03105. The application, IA 372 of 2022, was filed by the Interim Resolution Professional (IRP), Mr.…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-03105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/d-c-w-ltd-ia-372-of-2022-in-cpib-380-of-2020-17c04292

## Summary

### Background

The application, IA 372 of 2022, was filed by the Interim Resolution Professional (IRP), Mr. Rajesh Kumar Mittal, under Section 12A seeking to withdraw the IB Application 380 of 2020. The Corporate Insolvency Resolution Process (CIRP) was initiated vide order dated 31.03.2022. The applicant's consent in Form FA is dated 08.04.2022, and a copy of the consent terms duly executed between the parties is also dated 08.04.2022. The parties amicably settled the matter within 8 days of passing the CIRP order.

## Facts

Kilburn Engineering Ltd filed an application against DCW Ltd, leading to the initiation of CIRP vide order dated 31.03.2022. The IRP, Mr. Rajesh Kumar Mittal, filed an application (IA 372 of 2022) under Section 12A to withdraw the IB Application 380 of 2020. The applicant's consent (Form FA) and the consent terms executed between the parties are both dated 08.04.2022, indicating an amicable settlement within 8 days of the CIRP order. The IRP stated that no dues are payable regarding CIRP costs and fees. The court observed that the corporate debtor seemed to be delaying the settlement. The court imposed a cost of Rs. 10,000 on the corporate debtor to be paid to the Prime Minister Relief Fund.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the IB Application 380 of 2020 should be allowed under …

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

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**Reasoning:** The court considered the application filed by the IRP under Section 12A, seeking to

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**Interpretation:** Section 12A provides a mechanism for parties to settle their disputes and

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**Application:** Given the amicable settlement and the IRP's application, the court allowed the

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Kilburn Engineerin…
- **Respondents:** DCW…

## Timeline

- **2022-03-31 — CIRP Init…**: CIRP was initiated vide…
- **2022-04-08 — Consent…**: Form FA, consent of the applicant is dated 08.04.2022 and copy of consent terms duly…

## 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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