# In the matter of  S V Equipments Pvt. Ltd. IA(IBC) 639-2022 in CP(IB) No. 79-9-HDB-202

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-01732. The case involves an application (IA No. 639/2022) filed in relation to a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01732
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-v-equipments-pvt-ltd-iaibc-639-2022-in-cpib-no-79-9-hdb-202-28f42088

## Summary

### Background

The case involves an application (IA No. 639/2022) filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated under CP(IB) No. 79/9/HDB/2022. The application seeks the withdrawal of the CIRP based on a settlement reached between the parties. The IRP filed the petition under Section 12A of IBC.

## Facts

Siddhi Ganesh Metals Pvt Ltd, the Operational Creditor, initiated CIRP against M/s. S V Equipments Pvt Ltd, the Corporate Debtor, under CP(IB) No. 79/9/HDB/2022. Subsequently, the parties reached a settlement, and IA No. 639/2022 was filed under Section 12A of the IBC to withdraw the CIRP. A settlement agreement (Form FA dated 29.06.2022) was submitted as evidence of the settlement. The IRP reported that all fees and expenses had been paid. Counsel for both parties confirmed the settlement before the Tribunal. The CIRP order dated 21.06.2022 was in effect before the settlement.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the CIRP initiated against the Corporate …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of a

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**Reasoning:** The Tribunal considered the settlement agreement, the confirmation from both parties'

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

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**Application:** In this case, the settlement agreement, the confirmation by the counsels, and

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## Parties

- **Judges:** DR.VENKATA…; BINOD KUMAR…
- **Appellants:** Siddhi Ganesh…
- **Respondents:** M/s. S V Equipment…
- **Advocates:** Sourabh A…; Mayur M…

## Timeline

- **2022-06-21 — CIRP Ord…**: CIRP order passed…
- **2022-06-29 — Form FA…**: Copy of Form FA signed…

## 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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