# In the matter of Gill Aqua Hydro Power Generation Company Ltd.

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04314. The present application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC)…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gill-aqua-hydro-power-generation-company-ltd-13a8371e

## Summary

### Background

The present application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016 for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) and the main petition bearing No.176/Chd/Pb/2019. A settlement agreement was placed on record as Annexure A3 dated 30.01.2023.

## Facts

Sakshi Conbuild Pvt. Ltd. filed a petition against Gill Acqua Hydro Power Generation Company Pvt. Ltd. under the IBC, 2016. The parties reached a settlement agreement, which was placed on record. The application was filed under Section 12A of the IBC to withdraw the CIRP. The court considered the settlement agreement and allowed the withdrawal of the CIRP, dismissing the original petition and lifting the moratorium.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC, 2016 should be …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of CIRP with the approval of 90%

…

**Reasoning:** The court considered the settlement agreement placed on record and the submissions of the

…

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

…

**Application:** In this case, the parties reached a settlement, and the court, based on the

…

## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Sakshi Conbuild…
- **Respondents:** Gill Acqua Hydro…

## Timeline

- **2023-01-30 — Settlement Ag…**: Settlement agreement placed…
- **2023-03-06 — Order Da…**: Order passed allowing the withdrawal of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gill-aqua-hydro-power-generation-company-ltd-13a8371e