# In the matter of NVM Plastics Private Limited IA 547-2023 IN C.P. (IB)-413(MB)2020

> NCLT judgment dated 2023-02-16. Citation: TCN-2023-NCLT-04576. The Interim Resolution Professional filed an application under section 12(a) read with…

- **Court:** NCLT
- **Order date:** 16 Feb 2023
- **Citation:** TCN-2023-NCLT-04576
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nvm-plastics-private-limited-ia-547-2023-in-cp-ib-413mb2020-42b49411

## Summary

### Background

The Interim Resolution Professional filed an application under section 12(a) read with regulation 30A of the Insolvency & Bankruptcy Code seeking permission to withdraw the main Company Petition. The Corporate Debtor and the Operational Creditor amicably settled the matter out of court. The Company petition against the Corporate Debtor was admitted vide order dated 06.01.2023.

## Facts

The Interim Resolution Professional (IRP) filed IA 547/2023 seeking permission to withdraw the main Company Petition under Section 12(a) of the Insolvency & Bankruptcy Code (IBC) read with regulation 30A. The Corporate Debtor, NVM Plastic Private Limited, and the Operational Creditor settled the matter amicably out of court. The Corporate Debtor paid Rs. 17,50,000/- to the Operational Creditor as a full and final settlement of the default amount. The Company Petition against the Corporate Debtor was admitted on 06.01.2023. The Corporate Debtor also agreed to pay Rs. 1,00,000/- towards the Resolution Professional's fees and Rs. 5,000/- towards pocket expenses. The Corporate Debtor was directed to pay Rs. 1,00,000/- into the Bharatkosh account.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main Company Petition should be allowed, considering …

**Ratio:** Section 12(a) of the Insolvency & Bankruptcy Code (IBC) read with regulation 30A

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**Reasoning:** The court observed that the Corporate Debtor and the Operational Creditor had settled the

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**Interpretation:** Section 12(a) and regulation 30A of the IBC provide a mechanism for parties to

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**Application:** In this case, the Corporate Debtor and the Operational Creditor settled the

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## Parties

- **Judges:** Shyam Babu…; Shri. H. V. Subba…
- **Appellants:** Prateek…
- **Respondents:** NVM PLASTIC…; Ravi G…

## Timeline

- **2023-01-06 — Admission of Company…**: The Company petition against the…
- **2023-02-16 — Order Sheet of the…**: The court heard 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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