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

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00542. The case involves an application (IA No.2010/2024) filed for the withdrawal of the main…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00542
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hr-power-projects-private-limited-901c2d6d

## Summary

### Background

The case involves an application (IA No.2010/2024) filed for the withdrawal of the main petition based on a settlement between the parties. The learned counsel for the IRP stated that the CoC has not been constituted and all expenses of the RP have been paid by the petitioner. The matter was settled for Rs. 2,75,00,000/- as per the settlement agreement dated 14.09.2024.

## Facts

Trade Perfections filed a petition against H.R. Power Projects Pvt. Ltd. under the IBC. An application, IA No.2010/2024, was filed to withdraw the main petition based on a settlement between the parties. The settlement involved a payment of Rs. 2,75,00,000/- by the petitioner to the respondent, as per the settlement agreement dated 14.09.2024. The CoC had not been constituted, and the petitioner had paid all expenses of the RP. The application was filed under Section 12-A of the IBC. The court considered the facts and circumstances of the application and allowed the withdrawal of the main petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition based on a settlement between the …

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

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**Reasoning:** The court considered the settlement agreement between the parties, the fact that the CoC

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

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**Application:** In this case, the court found that the settlement agreement and the other

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## 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 was reached between the parties for a sum of Rs.…
- **2024-09-25 — Order Del…**: Order delivered on 25.09.2024 allowing the…

## 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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