# 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-03094. 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-03094
- **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-2020-9a0f9df0

## 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 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. The IRP, Mr. Rajesh Kumar Mittal, filed IA 372 of 2022 under Section 12A to withdraw IB Application 380 of 2020. CIRP was initiated on 31.03.2022. The applicant's consent is dated 08.04.2022, and the consent terms between the parties are also dated 08.04.2022. Within 8 days of the CIRP order, the parties amicably settled the matter. The corporate debtor settled after admission, leading the court to impose a cost of Rs. 10,000 to be paid to the Prime Minister Relief Fund. The IRP stated that no dues are payable for CIRP costs and fees and is directed to return assets and documents to the corporate debtor within 5 days. The application to withdraw is allowed.

## 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 Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court considered the consent of the applicant and the settlement between the parties.

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

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**Application:** The court allowed the withdrawal of the application, considering the consent of

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## Parties

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

## Timeline

- **2020-01-01 — IB Applicatio…**: IB Application 380 of…
- **2022-03-31 — CIRP Init…**: CIRP was initiated vide…

## 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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