# In the matter of Faridabad Stampings Pvt. Ltd. IA-2749-ND-2022 in IB-261-ND-2020

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-02293. The case involves an application (IA-2749/ND/2022) moved under Section 12A on behalf of Mr.…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/faridabad-stampings-pvt-ltd-ia-2749-nd-2022-in-ib-261-nd-2020-903f9e3f

## Summary

### Background

The case involves an application (IA-2749/ND/2022) moved under Section 12A on behalf of Mr. Kamalpreet Singh, the Interim Resolution Professional (IRP). The IRP stated that the matter has been settled between the parties, and no claims have been received, as the Committee of Creditors (CoC) was not constituted and no claims were received till date. The application is related to IB/261/ND/2020.

## Facts

An application (IA-2749/ND/2022) was filed under Section 12A on behalf of Mr. Kamalpreet Singh, the IRP. The IRP stated that the matter has been settled between the parties. The Committee of Creditors (CoC) was not constituted, and no claims were received. The present Corporate Debtor stands terminated. The IRP's fees have been paid, and the IRP stands discharged. Management stands restored. The IRP is directed to hand over all the assets, documents, and requisite information to the management. IA-2749/ND/2022 along with IB-261/ND/2020 stands disposed of as withdrawn.

## Issues and analysis

### Issue 1: Whether the application IA-2749/ND/2022 under Section 12A should be allowed given the settlement …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court reasoned that since the matter has been settled between the parties and no

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**Interpretation:** The interpretation of Section 12A in this context is that while it typically

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Swastik Pi…
- **Respondents:** M/s Faridabad…

## Timeline

- **2022-06-10 — Order Del…**: Order delivered on 10.06.2022 regarding…

## 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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