# In the matter of Meenakshi Associates Pvt. Ltd. IA-4162-2022 in (IB)-2527(ND)2019

> NCLT judgment dated 2022-09-02. Citation: TCN-2022-NCLT-01187. The application IA-4162/2022 was filed on behalf of the IRP under Section 12A of the Code for…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meenakshi-associates-pvt-ltd-ia-4162-2022-in-ib-2527nd2019-f49e9528

## Summary

### Background

The application IA-4162/2022 was filed on behalf of the IRP under Section 12A of the Code for withdrawal of the main petition. The IRP stated that the matter has been settled between the Operational Creditor and Respondent. The same is also endorsed by Mr. Om Parkash Sekhawat, the counsel for the Operational Creditor. The Form-FA duly signed by the Operational Creditor has been placed on record.

## Facts

M/s. Vikas Stainless Steel India Pvt. Ltd. filed a petition against M/s. Meenakshi Associates Pvt. Ltd. under Section 9 of the IBC, 2016. The IRP filed an application (IA-4162/2022) under Section 12A of the Code for withdrawal of the main petition, stating that the matter has been settled between the Operational Creditor and the Respondent. The Operational Creditor's counsel endorsed the settlement, and the Form-FA, duly signed by the Operational Creditor, was placed on record. The IRP, Mr. Naresh Kumar Bansal, stated that all fees and costs have been paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition under Section 12A of the Code should be …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court considered the IRP's statement that the matter had been settled between the

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

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**Application:** In this case, the court applied Section 12A by allowing the withdrawal of the

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## Parties

- **Judges:** SHRI. DHARMINDER…; Shri. L. N.…
- **Appellants:** M/s. Vikas…
- **Respondents:** M/s. Meenakshi…

## Timeline

- **2022-09-02 — Order Del…**: Order delivered on the application for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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