# In the matter of H.R. Power Projects Private Limited

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00548. The present application, IA No.2010/2024, was filed under Section 12-A of the IBC for…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hr-power-projects-private-limited-04768cbe

## Summary

### Background

The present application, IA No.2010/2024, was filed under Section 12-A of the IBC for withdrawal of the main petition based on a settlement between the parties. The learned counsel for the IRP stated that the CoC had not been constituted and all expenses of the RP have been paid by the petitioner. The matter was stated to be settled for Rs. 2,75,00,000/- as per the settlement agreement dated 14.09.2024, a copy of which was annexed as Annexure A-3.

## Facts

Trade Perfections filed a petition against H.R. Power Projects Pvt. Ltd. under the IBC. IA No.2010/2024 was filed by Trade Perfections under Section 12-A of the IBC seeking withdrawal of the main petition, CP(IB) No. 170/Chd/Pb/2020, based on a settlement between the parties. The settlement involved a payment of Rs. 2,75,00,000/- by Trade Perfections to H.R. Power Projects Pvt. Ltd. The IRP's counsel stated that the CoC had not been constituted, and the petitioner had paid all expenses of the RP. The settlement agreement was dated 14.09.2024. The application IA No.2010/2024 was allowed, and CP(IB) No. 170/Chd/Pb/2020 was dismissed as withdrawn. A moratorium under Section 14 was in effect, and upon withdrawal, the corporate debtor was discharged from claims, the RP was

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition under Section 12-A of the IBC should be …

**Ratio:** Section 12-A of the IBC allows for the withdrawal of an application admitted under

…

**Reasoning:** The court considered the fact that the parties had reached a settlement, and the IRP

…

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

…

**Application:** The court applied Section 12-A to the facts of the case, noting the settlement

…

## Parties

- **Judges:** SH. UMESH KUMAR…; Sh. Harnam Singh…
- **Appellants:** Trade Perfe…
- **Respondents:** H.R. Power…

## Timeline

- **2024-09-14 — Settlement Ag…**: Settlement agreement dated 14.09.2024 between…
- **2024-09-25 — Order Del…**: Order delivered on 25.09.2024 allowing IA No.2010/2024 and dismissing CP(IB) No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

---

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/hr-power-projects-private-limited-04768cbe