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

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03829. 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-03829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ecogreen-energy-gwalior-pvt-ltd-5b3e3435

## 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 settled the matter on 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 have been paid.

## Facts

The CIRP against Ecogreen Energy Gwalior Pvt. Ltd. was initiated on 2023-03-22. However, the parties involved reached a settlement shortly after, on 2023-03-25. An application (IA No. 874/2023) was filed under Section 12A of the IBC for withdrawal of the CIRP based on this settlement. No Committee of Creditors (CoC) had been formed, and no public announcement had been made. The IRP confirmed that the costs associated with the CIRP had been paid. The settlement agreement and Form FA were placed on record. The key fact is the settlement between the parties shortly after the CIRP initiation, leading to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed given …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The court reasoned that since the parties had settled the matter and the IRP confirmed

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

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**Application:** In this case, the court applied Section 12A and Regulation 30A to allow the

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## Parties

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

## Timeline

- **2023-03-22 — CIRP Init…**: Corporate Insolvency Resolution…
- **2023-03-25 — Settleme…**: Parties settled 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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