# In the matter of Newcon Engineers Pvt. Ltd. IA-5402-2022 in (IB)-406-ND-2021

> NCLT judgment dated 2022-11-09. Citation: TCN-2022-NCLT-00510. The case involves an application (IA-5402/2022) filed by the Financial Creditor under Section…

- **Court:** NCLT
- **Order date:** 9 Nov 2022
- **Citation:** TCN-2022-NCLT-00510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/newcon-engineers-pvt-ltd-ia-5402-2022-in-ib-406-nd-2021-6adcaa04

## Summary

### Background

The case involves an application (IA-5402/2022) filed by the Financial Creditor under Section 12A seeking withdrawal of the main petition (IB-406/ND/2021). The counsel for the applicant states that the Committee of Creditors (CoC) has passed the necessary resolution for the withdrawal of the petition in its meeting held on October 31, 2022, with 100% voting share. Form-FA, duly signed by the Financial Creditor, has been placed at page 60 of the application. The counsel further submits that all dues of the Resolution Professional (RP) have been paid.

## Facts

An application (IA-5402/2022) was filed by the Financial Creditor seeking withdrawal of the main insolvency petition (IB-406/ND/2021) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The applicant's counsel submitted that the Committee of Creditors (CoC) approved the withdrawal with a 100% vote in a meeting held on October 31, 2022. A duly signed Form-FA by the Financial Creditor was submitted as evidence. The counsel also confirmed that all dues to the Resolution Professional (RP) had been paid. The relevance of these facts is that they demonstrate compliance with the requirements for withdrawing an insolvency petition under Section 12A, specifically the CoC's approval and settlement of RP dues.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency petition (IB-406/ND/2021) under Section …

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

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal with a 100% voting share,

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**Interpretation:** Section 12A is interpreted to provide a mechanism for settling disputes outside

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**Application:** In this case, the CoC's unanimous approval and the payment of RP dues satisfied

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## Parties

- **Judges:** BACHU VENKAT…; L. N. G…
- **Appellants:** PRAMOD…
- **Respondents:** Newcon Engineers…

## Timeline

- **2022-10-31 — CoC Meet…**: The Committee of Creditors (CoC) passed a resolution for the withdrawal of the insolvency…
- **2022-11-09 — Order Del…**: The NCLT allowed the withdrawal of the petition IB-406/ND/2021, releasing the RP and…

## 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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