# In the matter of Imax Electrotek Private Limited

> NCLT judgment dated 2025-01-22. Citation: TCN-2025-NCLT-00592. The case involves an application (IA(I.B.C)/287(MB)2025) filed under section 12A of the…

- **Court:** NCLT
- **Order date:** 22 Jan 2025
- **Citation:** TCN-2025-NCLT-00592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/imax-electrotek-private-limited-6f585145

## Summary

### Background

The case involves an application (IA(I.B.C)/287(MB)2025) filed under section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) initiated by the Applicant/IRP in CP(IB)/131(MB)/2017. The total claim involved in the CP is Rs. 11,56,031.27, and the matter has been settled between the parties for Rs. 6.38 lakh.

## Facts

Vinar Systems Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Imax Electrotek Pvt Ltd. The total claim involved in the CIRP was Rs. 11,56,031.27. Subsequently, the parties reached a settlement for Rs. 6.38 lakh. The Resolution Professional (RP) submitted that the CIRP costs were fully paid and Form FA was filed. Based on these submissions, an application (IA(I.B.C)/287(MB)2025) was filed under Section 12A of the IBC for withdrawal of the main CP (CP(IB)/131(MB)/2017). The court then considered the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application if certain

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**Reasoning:** The court reasoned that since the parties had settled the matter for Rs. 6.38 lakh, the

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**Interpretation:** Section 12A is interpreted to facilitate settlements between parties involved

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Vinar Systems Pvt…
- **Respondents:** Imax Electrotek…

## Timeline

- **2017-01-01 — Initiation…**: CP(IB)/131(MB)/2017 was filed, initiating the…
- **2025-01-22 — Hearing…**: Order sheet of hearing…

## 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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