# In the matter of Komal Kakade Constructions Pvt. Ltd.

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01483. The case involves an application (I.A. 2063/2024) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/komal-kakade-constructions-pvt-ltd-c8d5f3af

## Summary

### Background

The case involves an application (I.A. 2063/2024) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated via C.P.(IB)1394(MB)2020. The Resolution Professional (RP) informed the court that Form FA was received on 04.04.2024, and a Committee of Creditors (COC) meeting was held on 08.04.2024, where a resolution was passed to withdraw the petition because the entire settlement amount had been paid to the petitioner.

## Facts

Samata Nagari Sahakari Patsanstha Maryadit initiated a Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. An application, I.A. 2063/2024, was filed under Section 12A seeking withdrawal of the CIRP. The Resolution Professional (RP) received Form FA on 04.04.2024. A Committee of Creditors (COC) meeting was convened on 08.04.2024, where a resolution was passed to withdraw the CIRP because the entire settlement amount had been paid to the petitioner, Samata Nagari Sahakari Patsanstha Maryadit. Liquidation application no. 31/2024 is listed on 09.05.2024.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of a

…

**Reasoning:** The court considered the submission of the Resolution Professional (RP) that Form FA was

…

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

…

**Application:** In this case, the RP confirmed that the COC had resolved to withdraw the CIRP,

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** SAMATA NAGARI…
- **Respondents:** Komal Kakade…

## Timeline

- **2020-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2024-04-04 — Form FA Re…**: Form FA received by the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/komal-kakade-constructions-pvt-ltd-c8d5f3af