# In the matter of Holy Heights Infrastructures Pvt. Ltd.

> NCLT judgment dated 2023-09-04. Citation: TCN-2023-NCLT-01781. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 4 Sept 2023
- **Citation:** TCN-2023-NCLT-01781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/holy-heights-infrastructures-pvt-ltd-b2a87499

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Holy Heights Infrastructures Private Limited. The application is based on a settlement agreement reached between the parties. The Committee of Creditors (CoC) has approved the withdrawal with 100% voting share.

## Facts

The key facts are as follows: An application was filed under Section 12A of the IBC for withdrawal of CIRP against Holy Heights Infrastructures Private Limited. The application was supported by a settlement agreement dated 2023-08-18 and 2023-08-20. The CoC approved the withdrawal with 100% voting. The agenda for withdrawal was taken up before the CoC vide item no. A2. The Resolution Professional (RP) supported the application. The main petition bearing CP (IB) No.43/ALD/2022 was pending.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal with 100% voting share,

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

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**Application:** In this case, the CoC's approval with 100% voting share and the existence of a

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** HOLY HEIGHTS…; K V FOUNDATIONS…

## Timeline

- **2022-01-01 — Initiation…**: CIRP initiated against Holy Heights Infrastructures Private Limited. CP (IB)…
- **2023-08-18 — Settlement Agreement…**: Settlement agreement dated 2023-08-18 and…

## 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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