# In the matter of M S Railtech Consultants Pvt. Ltd.

> NCLT judgment dated 2023-06-13. Citation: TCN-2023-NCLT-02970. The case involves an application (IA No. 2219/2023) filed by the IRP, Mr. Pankaj Sham Joshi,…

- **Court:** NCLT
- **Order date:** 13 Jun 2023
- **Citation:** TCN-2023-NCLT-02970
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-s-railtech-consultants-pvt-ltd-978da97f

## Summary

### Background

The case involves an application (IA No. 2219/2023) filed by the IRP, Mr. Pankaj Sham Joshi, under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the main Company Petition No. 526/IB/MB/2021. This withdrawal is sought in view of a settlement reached between the Financial Creditor and the Corporate Debtor. The applicant submitted that the financial creditor has submitted Form-FA dated 27.02.2023 for withdrawal of CIRP process and that no CIRP expenses were incurred.

## Facts

The key facts are as follows: A Company Petition (No. 526/IB/MB/2021) was filed against M. S. Railtech Consultants Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. An IRP, Mr. Pankaj Sham Joshi, was appointed. Subsequently, a settlement was reached between Reliance Commercial Finance Limited (the Financial Creditor) and M. S. Railtech Consultants Pvt. Ltd. (the Corporate Debtor). The Financial Creditor submitted Form-FA dated 27.02.2023 for withdrawal of the CIRP process. No CIRP expenses were incurred. The IRP filed IA No. 2219/2023 seeking withdrawal of the Company Petition based on the settlement. The CIRP order was dated 19.04.2022. The relevance of these facts lies in establishing the basis for the withdrawal application and the court's

…

## Issues and analysis

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

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

…

**Reasoning:** The court reasoned that since a settlement had been reached between the Financial

…

**Interpretation:** The interpretation of Section 12A, Rule 11, and Regulation 30A is that the

…

**Application:** In this case, the settlement between Reliance Commercial Finance Limited and M.

…

## Parties

- **Judges:** ANURADHA SANJAY…; Kuldip Kumar…
- **Appellants:** PCA Ayush Rajani…
- **Respondents:** M. S. Railtech…
- **Advocates:** Ayush R…; Khushboo…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No. 526/IB/MB/2021 filed…
- **2022-04-19 — CIRP Ord…**: CIRP order passed by…

## 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)

---

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/m-s-railtech-consultants-pvt-ltd-978da97f