# In the matter of Karani Techtex Print (p) Ltd

> NCLT judgment dated 2025-05-15. Citation: TCN-2025-NCLT-00067. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Committee…

- **Court:** NCLT
- **Order date:** 15 May 2025
- **Citation:** TCN-2025-NCLT-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/karani-techtex-print-p-ltd-a565d96c

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC), with 100% voting share, resolved to seek withdrawal of the application due to a settlement between the parties. The Resolution Professional (RP) is present, and the CIRP cost is stated to be paid in full.

## Facts

The Small Industries Development Bank of India initiated insolvency proceedings against Karani Techtex Print Private Limited under Section 7 of the IBC. The Committee of Creditors (CoC) with 100% voting share, resolved to seek withdrawal of the application, as indicated on pages 28 and 29 of the application, due to a settlement reached between the parties. The Resolution Professional (RP) was present during the hearing. The CIRP cost was submitted to be paid in full. An application under Section 12A was filed for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency proceedings under Section 12A of the IBC …

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

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**Reasoning:** The court considered the CoC's resolution, with 100% voting share, to withdraw the

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

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**Application:** The court applied Section 12A to the facts of the case, where the CoC had

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Small Industries…
- **Respondents:** KARANI TECHTEX…
- **Advocates:** Nikunj B…; Arundhat…

## Timeline

- **2025-05-15 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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