# In the matter of RCC Infraventures Ltd. IA No.1340-22 in CP (IB) No. 182-Chd-Hry-2020

> NCLT judgment dated 2022-10-17. Citation: TCN-2022-NCLT-00710. The case involves an application filed under Section 12-A of the Code seeking permission for…

- **Court:** NCLT
- **Order date:** 17 Oct 2022
- **Citation:** TCN-2022-NCLT-00710
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rcc-infraventures-ltd-ia-no1340-22-in-cp-ib-no-182-chd-hry-2020-c55fcbbf

## Summary

### Background

The case involves an application filed under Section 12-A of the Code seeking permission for withdrawal of an application filed by the Operational Creditor against the Corporate Debtor through RP. The matter has been settled, and a Settlement Agreement dated 03.10.2022 is attached as Annexure A3.

## Facts

Dextra India Pvt. Ltd., the Operational Creditor, filed an application against RCC Infraventures, the Corporate Debtor. The application was filed under Section 12-A of the Code, seeking permission to withdraw the initial application. A settlement agreement dated 03.10.2022 was reached between the parties, leading to the request for withdrawal. The Respondent had already been proceeded ex parte vide order dated 30.06.2022. The court considered the settlement agreement and allowed the withdrawal, dismissing the main CP(IB) No. 182/Chd/Hry/2020.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the initial application filed by the Operational Creditor …

**Ratio:** The legal principle applied is that a settlement agreement between parties in a corporate

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**Reasoning:** The court reasoned that since the parties had reached a settlement agreement, and the

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**Interpretation:** Section 12-A of the IBC is interpreted to allow for the withdrawal of

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**Application:** In this specific case, the court applied the principle by allowing the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Dextra India Pvt.…
- **Respondents:** RCC Infrave…
- **Advocates:** Reshabh…

## Timeline

- **2022-06-30 — Ex Parte…**: Respondent proceeded ex parte…
- **2022-10-03 — Settlement Ag…**: Settlement Agreement dated 03.10.2022…

## 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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