# In the matter of Roharsh Motors Private Limited IA-2153-2022 in C.P.(IB)-3382(MB)-2019

> NCLT judgment dated 2022-08-11. Citation: TCN-2022-NCLT-01387. The case involves IA-2153/2022 filed in C.P.(IB)/3382(MB)/2019. The Company Petition…

- **Court:** NCLT
- **Order date:** 11 Aug 2022
- **Citation:** TCN-2022-NCLT-01387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roharsh-motors-private-limited-ia-2153-2022-in-cpib-3382mb-2019-64be0f31

## Summary

### Background

The case involves IA-2153/2022 filed in C.P.(IB)/3382(MB)/2019. The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted into CIRP on 19.01.2022, and an IRP was appointed. The IRP made a public announcement on 23.01.2022, and the Committee of Creditors (CoC) was constituted on 12.02.2022. The first CoC meeting was held on 22.02.2022. Subsequently, the Corporate Debtor and the original Petitioner entered into a settlement agreement on 05.03.2022, which was submitted in the second CoC meeting held on 23.03.2022 and approved with 90% voting of the CoC.

## Facts

The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted into CIRP on 19.01.2022, leading to the appointment of an Interim Resolution Professional (IRP). Following the admission, the IRP made a public announcement on 23.01.2022, and a Committee of Creditors (CoC) was constituted on 12.02.2022. The first CoC meeting took place on 22.02.2022. Subsequently, the Corporate Debtor and the original Petitioner reached a settlement agreement on 05.03.2022. This agreement was presented at the second CoC meeting on 23.03.2022, where it received approval with 90% of the voting share. The Resolution Professional (RP) then filed IA-2153/2022 under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Company Petition. The RP confirmed that all fees and

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition under Section 12A of the Insolvency …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that since the Corporate Debtor and the original Petitioner had

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes and withdraw

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**Application:** In this case, the settlement agreement between the Corporate Debtor and the

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Opulent Auto Care…; Ms Roharsh Motors…

## Timeline

- **2022-01-19 — Admission in…**: The Company Petition…
- **2022-01-23 — Public Announcement by…**: The Interim Resolution Professional…

## 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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