# In the matter of Samdari Strips Pvt. Ltd.

> NCLT judgment dated 2023-08-08. Citation: TCN-2023-NCLT-02131. The case involves an application (IA No. 435/JPR/2023) filed under Section 12A read with Rule…

- **Court:** NCLT
- **Order date:** 8 Aug 2023
- **Citation:** TCN-2023-NCLT-02131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samdari-strips-pvt-ltd-69995bdd

## Summary

### Background

The case involves an application (IA No. 435/JPR/2023) filed under Section 12A read with Rule 11 of the NCLT Rules, 2016, seeking withdrawal of a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against the Corporate Debtor, Samdari Strips Pvt. Ltd. The original petition is CP No. (IB)-189/7/JPR/2019.

## Facts

M/s Agarwal Polysacks Ltd. filed a petition (CP No. (IB)-189/7/JPR/2019) under Section 7 of the IBC, 2016, against Samdari Strips Pvt. Ltd., the Corporate Debtor. Sudhir Bhansali, the IRP, filed an application (IA No. 435/JPR/2023) under Section 12A read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the petition. The court heard the IRP and granted permission for withdrawal. Consequently, the petition was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition filed under Section 7 of IBC, 2016, should …

**Ratio:** Section 12A of the IBC, 2016 read with Rule 11 of the NCLT Rules, 2016 allows for the

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**Reasoning:** The court considered the application filed by the IRP, who sought permission to withdraw

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** The court applied Section 12A and Rule 11 to the facts of the case, where the

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## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Appellants:** M/s Agarwal…
- **Respondents:** Samdari Strips…

## Timeline

- **2019-01-01 — CP No. (IB)-189/7/JPR/20…**: A petition was filed under Section 7 of IBC,…
- **2023-01-01 — IA No. 435/JPR/2023…**: An application was filed under Section 12A read with Rule 11 of the NCLT Rules, 2016,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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