# In the matter of Nagai Power Pvt. Ltd. IA(IBC)-150 & 156(HYD)2022 in CP. (IB)-277(HYD)2020

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04063. The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nagai-power-pvt-ltd-iaibc-150-156hyd2022-in-cp-ib-277hyd2020-6a124a37

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw the Corporate Insolvency Resolution Process (CIRP) proceedings initiated against the Corporate Debtor. The Adjudicating Authority had previously initiated CIRP proceedings via an order dated 07.02.2022. The IRP submitted that the matter had been settled, and Form FA was enclosed with the application.

## Facts

The Interim Resolution Professional (IRP) filed an application to withdraw the CIRP proceedings initiated against Nagai Power Pvt Ltd, the Corporate Debtor. The CIRP was initiated by an order dated 07.02.2022. The IRP submitted that the matter had been settled, and Form FA was enclosed with the application. The court noted that another application, IA (IBC) No.150/2022, was filed by the Suspended Management of the Corporate Debtor. The court allowed the withdrawal application and dismissed the CIRP proceedings.

## Issues and analysis

### Issue 1: Whether the application filed by the Interim Resolution Professional (IRP) for withdrawal of the …

**Ratio:** The legal principle applied is that if the parties have settled the matter and the IRP

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**Reasoning:** The court reasoned that the IRP submitted that the matter had been settled and enclosed

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**Interpretation:** This issue involves the interpretation of Section 12A of the IBC Code, which

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**Application:** The court applied the ratio to the facts by considering the IRP's submission of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Ancsaldocaldaie…
- **Respondents:** Nagai Power Pvt…

## Timeline

- **2022-02-07 — Order for CIRP…**: The Adjudicating Authority passed an order…
- **2022-02-18 — Hearing…**: Hearing held on 18-02-2022 at 10:30…

## 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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