# In the matter of Electropath Services (india) Privatelimited

> NCLT judgment dated 2024-05-22. Citation: TCN-2024-NCLT-01288. The Interim Application (IA) 2202/2024 was filed in connection with Company Petition (CP)…

- **Court:** NCLT
- **Order date:** 22 May 2024
- **Citation:** TCN-2024-NCLT-01288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/electropath-services-india-privatelimited-0692304d

## Summary

### Background

The Interim Application (IA) 2202/2024 was filed in connection with Company Petition (CP) (IB)/848(MB)/2023. The IA was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the CP filed by Lunkad Aluminium Limited under Section 9 of the IBC. The Operational Creditor and the Corporate Debtor reached a compromise after the admission order was passed on 24.04.2024, and consent terms were executed on 26.04.2024.

## Facts

Lunkad Aluminium Limited filed a Company Petition (C.P.(IB)/848(MB)2023) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An admission order was passed on 24.04.2024. Subsequently, Lunkad Aluminium Limited (Operational Creditor) and Electropath Services (India) Private Limited (Corporate Debtor) entered into a compromise, executing consent terms on 26.04.2024. The Interim Resolution Professional (IRP) filed IA 2202/2024 under Section 12A of the IBC seeking withdrawal of the C.P. No CoC had been constituted, and no claims had been received by the IRP. The consent terms were annexed with the application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition under Section 12A of the Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that since the Operational Creditor and the Corporate Debtor had

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**Interpretation:** Section 12A is interpreted to facilitate settlements between the parties

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**Application:** In this case, the court applied the ratio of Section 12A to the facts, noting

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Pramod Kumar…
- **Respondents:** Electropath…
- **Advocates:** Pramod Kumar…; Praveen T…

## Timeline

- **2024-04-24 — Admission…**: Admission order was passed in the…
- **2024-04-26 — Consent Terms…**: Operational Creditor and Corporate…

## 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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