# In the matter of Ecogreen Energy Gwalior Pvt. Ltd.

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03855. The case involves an application (IA No. 874/2023) filed under Section 12A of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ecogreen-energy-gwalior-pvt-ltd-102cf5dc

## Summary

### Background

The case involves an application (IA No. 874/2023) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI regulations by the Interim Resolution Professional (IRP). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-03-22, but the parties reached a settlement by 2023-03-25. The settlement agreement was placed on record. The Committee of Creditors (CoC) was not constituted, and no publication was made. The IRP stated that the CIRP costs were paid.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ecogreen Energy Gwalior Pvt. Ltd. on 2023-03-22. However, before the Committee of Creditors (CoC) could be formed or any publication made, Nestler Protec (India) Pvt. Ltd. (the Operational Creditor) and Ecogreen Energy Gwalior Pvt. Ltd. (the Corporate Debtor) reached a settlement on 2023-03-25. The Interim Resolution Professional (IRP) filed IA No. 874/2023 under Section 12A of the IBC, seeking withdrawal of the CIRP based on this settlement. The IRP confirmed that the costs associated with the CIRP had been paid. A copy of the settlement agreement and Form FA were placed on record. The key fact is the settlement occurred at a nascent stage of CIRP, before CoC formation, justifying the withdrawal

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## Issues and analysis

### Issue 1: Whether IA No. 874/2023 should be allowed, permitting the withdrawal of CP(IB) No. 358/Chd/Hry/2019 …

**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 fact that the parties had settled the matter at a nascent stage

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** Given the settlement between Nestler Protec (India) Pvt. Ltd. and Ecogreen

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Nestler Protec…
- **Respondents:** Ecogreen Energy…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No. 358/Chd/Hry/2…
- **2023-03-22 — CIRP Init…**: Corporate Insolvency Resolution…

## 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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