# In the matter of Lav Laxmi Land Developers Pvt. Ltd.

> NCLT judgment dated 2023-09-22. Citation: TCN-2023-NCLT-01505. The case involves an application (IA No.453/2023) filed for the withdrawal of the main Company…

- **Court:** NCLT
- **Order date:** 22 Sept 2023
- **Citation:** TCN-2023-NCLT-01505
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lav-laxmi-land-developers-pvt-ltd-da271267

## Summary

### Background

The case involves an application (IA No.453/2023) filed for the withdrawal of the main Company Petition (CP No.265/ALD/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The initial petition was filed by the Operational Creditor against the Corporate Debtor. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on September 1, 2023. The Interim Resolution Professional (IRP) invited claims but received none. A settlement was reached between the Operational Creditor and the Corporate Debtor on September 11, 2023.

## Facts

The Operational Creditor filed a Company Petition (CP No.265/ALD/2019) against the Corporate Debtor, NLDK Timbers Pvt Ltd. The Corporate Debtor was admitted into CIRP on September 1, 2023. The IRP invited claims but received none. A settlement agreement was reached between the Operational Creditor and the Corporate Debtor on September 11, 2023. The IRP confirmed that no claims were received and supported the application for withdrawal under Section 12A of the IBC. The CIRP costs and IRP fees have been paid. This settlement is the primary reason for the application to withdraw the initial petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main Company Petition CP No.265/ALD/2019 under …

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

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**Reasoning:** The court reasoned that the settlement between the Operational Creditor and the Corporate

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

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** NLDK TIMBERS PVT…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition CP No.265/ALD/2019 was filed by the Operational Creditor against the…
- **2023-09-01 — CIRP Admi…**: The Corporate Debtor was admitted into 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)

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