# In the matter of Retail Kart Solutions Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02292. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/retail-kart-solutions-private-limited-406a7b51

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016, by Mr. Praveen Kumar Agrawal, the Resolution Professional of M/s Retail Kart Solution Private Limited ('Corporate Debtor'). The application seeks withdrawal of the Company Petition bearing IB 1807/ND/2019 filed by M/s Techmate Industries ('Operational Creditor') under Section 9 of the Code. The applicant is seeking withdrawal of the CIRP of the Corporate Debtor in view of the settlement agreement dated 24.08.2023 entered between the Operational Creditor and the Corporate Debtor.

## Facts

M/s Techmate Industries, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Retail Kart Solution Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition on 27.02.2020. Subsequently, the Operational Creditor and the Corporate Debtor entered into a settlement agreement dated 24.08.2023, agreeing to a full and final settlement of Rs. 4,00,000 to be paid by the Corporate Debtor. The Committee of Creditors (CoC) unanimously approved the settlement agreement and authorized the Resolution Professional to file an application for withdrawal of the CIRP. The Resolution Professional then filed IA 6223/2023 seeking withdrawal of the CIRP under

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the Insolvency and Bankruptcy …

**Ratio:** The legal principle applied is that once a withdrawal application is approved by the

…

**Reasoning:** The court reasoned that the CoC had duly deliberated to consider the pros and cons of the

…

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

…

**Application:** In this case, the CoC unanimously approved the withdrawal of CIRP in its 5th

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/S TECHMATE…
- **Respondents:** M/S RETAIL KART…

## Timeline

- **2020-02-27 — Admission of CP IB No.…**: The Adjudicating Authority admitted the CP IB No. 1807/ND/2019 initiating the CIRP…
- **2021-11-29 — 1st CoC M…**: In the 1st CoC meeting, the CoC members unanimously decided to appoint Interim Resolution…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/retail-kart-solutions-private-limited-406a7b51