# In the matter of Ram Charan Company Pvt. Ltd. IA(IBC)-1569(CHE)2022 in CP(IB)-30(CHE)2021

> NCLT judgment dated 2023-01-02. Citation: TCN-2023-NCLT-05244. The case involves an application (IA(IBC)/1569(CHE)2022) filed under Section 12(A) of the…

- **Court:** NCLT
- **Order date:** 2 Jan 2023
- **Citation:** TCN-2023-NCLT-05244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ram-charan-company-pvt-ltd-iaibc-1569che2022-in-cpib-30che2021-a717933c

## Summary

### Background

The case involves an application (IA(IBC)/1569(CHE)2022) filed under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, seeking the withdrawal of a Company Petition (CP(IB)/30(CHE)/2021). The applicant is the Interim Resolution Professional (IRP) of M/s Ram Charan Company Pvt Ltd. The application is based on a settlement arrived at between the Operational Creditor and the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide an order of the Tribunal dated 13.12.2022.

## Facts

Kathiresan Nachimuthu, the Interim Resolution Professional (IRP) of M/s Ram Charan Company Pvt Ltd, filed an application (IA(IBC)/1569(CHE)2022) seeking to withdraw the Company Petition (CP(IB)/30(CHE)/2021) filed against M/s Ram Charan Company Pvt Ltd. The application was filed under Section 12(A) of the IBC, 2016, read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The basis for the withdrawal is a settlement reached between the Operational Creditor and the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 13.12.2022. The IRP confirmed that he has received all dues. Form FA, evidencing the settlement, was attached to the application. The IRP was directed to charge fees on a pro-rata basis.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition CP(IB)/30(CHE)/2021 should be …

**Ratio:** Section 12(A) of the IBC, 2016, read with Regulation 30A of the IBBI Regulations, 2016,

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**Reasoning:** The court considered the settlement agreement and Form FA on record, indicating that a

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**Interpretation:** Section 12(A) provides a mechanism for parties to resolve their disputes

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**Application:** Given the settlement agreement and the IRP's confirmation of receiving dues,

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## Parties

- **Judges:** SMT.T.KRISHNA…; SAMEER…
- **Appellants:** Kathiresan…
- **Respondents:** M/s Ram Charan…; M/s Rubamin Pvt…
- **Advocates:** Kaus…

## Timeline

- **2023-02-01 — Hearing…**: Hearing of National Company Law…
- **2022-12-13 — CIRP Admi…**: Corporate Debtor admitted to CIRP vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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