# In the matter of S D Engineerstech Pvt. Ltd. IA-5003-ND-2022 in IB-279-ND-2022

> NCLT judgment dated 2022-10-17. Citation: TCN-2022-NCLT-00715. The application under Section 12A has been moved on behalf of Mr. Pradeep Kumar, IRP, stating…

- **Court:** NCLT
- **Order date:** 17 Oct 2022
- **Citation:** TCN-2022-NCLT-00715
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-d-engineerstech-pvt-ltd-ia-5003-nd-2022-in-ib-279-nd-2022-6b45f222

## Summary

### Background

The application under Section 12A has been moved on behalf of Mr. Pradeep Kumar, IRP, stating that the matter has been settled between the parties before the constitution of the Committee of Creditors (CoC), and Form FA has been placed on record. The IRP stated that the CIRP was admitted by the Tribunal vide order dated 06.10.2022.

## Facts

Mis Nancy Ispat Pvt. Ltd. filed an application against M/s S.D. Engineers Tech Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application IA/5003/ND/2022 was filed under Section 12A of IBC, stating that the matter has been settled between the parties before the constitution of the CoC. The IRP, Mr. Pradeep Kumar, confirmed that the entire CIRP cost, including his fees, has been paid. The CIRP was admitted by the Tribunal vide order dated 06.10.2022. The settlement was reached before the constitution of the CoC, and Form FA was placed on record.

## Issues and analysis

### Issue 1: Whether the CIRP proceedings initiated against the Corporate Debtor should be terminated based on …

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

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**Reasoning:** The Tribunal considered the fact that the parties had settled the matter before the CoC

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications. The

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**Application:** Since the settlement occurred before the CoC was formed and all CIRP costs were

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## Parties

- **Judges:** TELAPROLU…; BINOD KUMAR…
- **Appellants:** Mis Nancy Ispat…
- **Respondents:** M/s S.D. Engineers…

## Timeline

- **2022-10-06 — CIRP Admi…**: CIRP was admitted by…
- **2022-10-17 — Order Del…**: Order delivered…

## 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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