# In the matter of Prabhakar Engineers Private Limited

> NCLT judgment dated 2024-06-11. Citation: TCN-2024-NCLT-01186. The case involves an application, IA/3001/2024, filed in C.P. (IB)/4216(MB)2019 before the…

- **Court:** NCLT
- **Order date:** 11 Jun 2024
- **Citation:** TCN-2024-NCLT-01186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prabhakar-engineers-private-limited-09a3ef0d

## Summary

### Background

The case involves an application, IA/3001/2024, filed in C.P. (IB)/4216(MB)2019 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application pertains to a matter between ABC India LTD and Prabhakar Engineers Pvt Ltd, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant sought withdrawal of the Corporate Insolvency Resolution Process (CIRP) application.

## Facts

ABC India LTD initiated a Corporate Insolvency Resolution Process (CIRP) against Prabhakar Engineers Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, a settlement was reached between the parties on 2024-05-16. Following the settlement, FORM FA was received on 2024-05-24. Consequently, the applicant filed IA/3001/2024 seeking withdrawal of the CIRP application, CP (IB)/4216(MB)2019. The learned Counsel for the Applicant submitted the settlement to the court.

## Issues and analysis

### Issue 1: Whether IA 3001/2024 for withdrawal of the Corporate Insolvency Resolution Process application CP …

**Ratio:** The legal principle applied is that a Corporate Insolvency Resolution Process (CIRP)

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**Reasoning:** The court reasoned that since a settlement had been reached between ABC India LTD and

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code allows for the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Reeta K…; Charanjeet Singh…
- **Appellants:** ABC INDI…
- **Respondents:** PRABHAKAR…

## Timeline

- **2024-05-16 — Settlement…**: A settlement was arrived at between ABC…
- **2024-05-24 — FORM FA Re…**: FORM FA dated 24.05.2024 was received, supporting the application for withdrawal of the…

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