# In the matter of Kelvolt (india) Private Limited

> NCLT judgment dated 2024-06-18. Citation: TCN-2024-NCLT-01144. The application I.A. 3086/2024 was filed by the IRP under section 12A of the IBC for withdrawal…

- **Court:** NCLT
- **Order date:** 18 Jun 2024
- **Citation:** TCN-2024-NCLT-01144
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kelvolt-india-private-limited-00564246

## Summary

### Background

The application I.A. 3086/2024 was filed by the IRP under section 12A of the IBC for withdrawal of the main company petition, which was initially filed under section 9 of the IBC. The counsel for the IRP stated that the default amount was Rs. 24,12,582, and the corporate debtor agreed to pay Rs. 13,84,000 against the full and final settlement of all claims raised by the creditor. Rs. 10,00,000 had already been received by the Operational Creditor (OC), and the balance amount of Rs. 3,84,000.00, via PDC dated 05.08.2024, was also handed over to the OC.

## Facts

The initial default amount was Rs. 24,12,582. The corporate debtor agreed to pay Rs. 13,84,000 for full settlement. The Operational Creditor received Rs. 10,00,000. A PDC dated 05.08.2024 for Rs. 3,84,000.00 was handed over to the OC. The Operational Creditor signed the FA annexed to the application. The IRP filed the application under Section 12A of IBC for withdrawal of the main company petition filed under Section 9 of IBC. The main company petition was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main company petition 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 reasoned that the operational creditor had signed the FA, indicating their

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**Interpretation:** Section 12A provides a mechanism for resolving insolvency proceedings outside

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**Application:** The court applied the principle of Section 12A to the facts, noting that the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Respondents:** Kelvolt India…; Caryaire Equipment…
- **Advocates:** Durgaprasad…

## Timeline

- **2019-01-01 — Initial F…**: Main company petition filed…
- **2024-05-08 — PDC Date…**: PDC dated 05.08.2024 for an amount of…

## 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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