# In the matter of Icon Cables Ltd. IA-402-ND-2022 in IB-242-ND-2019

> NCLT judgment dated 2022-02-02. Citation: TCN-2022-NCLT-04287. The application was moved on behalf of the Resolution Professional (RP) stating that the matter…

- **Court:** NCLT
- **Order date:** 2 Feb 2022
- **Citation:** TCN-2022-NCLT-04287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/icon-cables-ltd-ia-402-nd-2022-in-ib-242-nd-2019-e6f6a04f

## Summary

### Background

The application was moved on behalf of the Resolution Professional (RP) stating that the matter has been settled. There are only two Operational Creditors: Union Roadways Limited, holding 92% of the share, and the Income-Tax Department, holding 8%. The creditors have resolved with 100% voting to withdraw the Corporate Insolvency Resolution Process (CIRP) proceedings.

## Facts

The key facts are as follows: An application was filed by the Resolution Professional (RP) to withdraw the CIRP proceedings. There are only two Operational Creditors: Union Roadways Limited with 92% share and Income-Tax Department with 8% share. Both creditors resolved with 100% voting to withdraw the CIRP. The matter was settled between the parties. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP based on the settlement and the creditors' resolution.

## Issues and analysis

### Issue 1: Whether the CIRP proceedings can be withdrawn based on the settlement between the parties and the …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP proceedings with the approval of

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**Reasoning:** The court reasoned that since the matter has been compromised and the Operational

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings when a

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**Application:** In this case, the Operational Creditors, holding 100% of the voting share,

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Respondents:** Icon Cable…

## Timeline

- **2022-02-02 — Order Del…**: Order delivered on the application…

## 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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