# In the matter of Danke Technoelectro Pvt. Ltd. IA-216(AHM)2022 in CP (IB) 439 of 2018

> NCLT judgment dated 2022-03-09. Citation: TCN-2022-NCLT-03825. The case involves an application, IA/216(AHM)2022, filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 9 Mar 2022
- **Citation:** TCN-2022-NCLT-03825
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/danke-technoelectro-pvt-ltd-ia-216ahm2022-in-cp-ib-439-of-2018-5c353cf4

## Summary

### Background

The case involves an application, IA/216(AHM)2022, filed by the Interim Resolution Professional (IRP) for the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application, CP(IB) No. 439 of 2018. The basis for the withdrawal is that the parties involved have settled the dispute.

## Facts

The Interim Resolution Professional (IRP) filed an application (IA/216(AHM)2022) to withdraw the Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 439 of 2018). The reason for the withdrawal is that all parties involved have reached a settlement. The court heard the counsels for the IRP, the Original Operational Creditor, and the Corporate Debtor. The key fact is the settlement between the parties, which led to the withdrawal application. The relevance of this fact is that it allows the Corporate Debtor to be released from the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application should be allowed based on the …

**Ratio:** The legal principle applied is that if parties involved in a CIRP have settled their

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**Reasoning:** The court reasoned that since all parties, including the IRP, the Original Operational

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**Interpretation:** The interpretation is that Section 12A r.w Reg 30A(1) IBBI,2016 allows for the

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**Application:** In this specific case, the court applied the principle by granting permission

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Amul Maheshchandra…
- **Respondents:** Danke Technoelectr…; JFE Shoji Steel…

## Timeline

- **2018-01-01 — Initiation…**: CP(IB) No. 439 of 2018 was filed, initiating…
- **2022-01-01 — Application for…**: IA/216(AHM)2022 was filed by the IRP for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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