# In the matter of Indowind Energy Ltd.

> NCLT judgment dated 2023-11-08. Citation: TCN-2023-NCLT-00834. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 8 Nov 2023
- **Citation:** TCN-2023-NCLT-00834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indowind-energy-ltd-718ea28e

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Indowind Energy Ltd. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, by the Interim Resolution Professional (IRP). The Corporate Debtor had entered into a One Time Settlement (OTS) with the Financial Creditor. The Hon'ble NCLAT had previously allowed a request to file an application for withdrawal of CIRP before the Tribunal and directed the Applicant/IRP to file an application for withdrawal of CIRP before this Tribunal and to report compliance.

## Facts

The Corporate Debtor, Indowind Energy Ltd, was undergoing CIRP. The IRP, Mr. Ramakrishna Sadasivan, filed an application for withdrawal of CIRP under Section 12A of IBC, 2016. The basis for the withdrawal was a One Time Settlement (OTS) reached between the Corporate Debtor and the Financial Creditor. The Financial Creditor/Applicant submitted an application in Form FA under Section 12A to the RP. Exim Bank settled the entire amount including arrears towards CIRP costs. The Hon'ble NCLAT had allowed a request to file an application for withdrawal of CIRP before the Tribunal. The Committee of Creditors (CoC) had not been constituted. The complete CIRP cost has been paid. The OTS proposal has been accepted by the Financial Creditor and acted upon. The CIRP application was

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC, 2016, can be allowed …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The Tribunal considered the submissions that the Corporate Debtor and the Financial

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP when a settlement is

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**Application:** In this case, the settlement between Indowind Energy Ltd and the Financial

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Respondents:** Indowind energy…

## Timeline

- **2022-03-21 — CIRP Admi…**: CIRP application admitted…
- **2023-09-25 — NCLAT He…**: Matter mentioned before Hon'ble NCLAT; they settled the matter. Request made to Hon'ble…

## 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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