# In the matter of Samyak Metals Private Limited IA-4612-ND-2022 in IB-705-ND-2021

> NCLT judgment dated 2022-09-27. Citation: TCN-2022-NCLT-00931. The application IA/4612/ND/2022 was filed on behalf of the IRP under Section 12A of the Code…

- **Court:** NCLT
- **Order date:** 27 Sept 2022
- **Citation:** TCN-2022-NCLT-00931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samyak-metals-private-limited-ia-4612-nd-2022-in-ib-705-nd-2021-33255fea

## Summary

### Background

The application IA/4612/ND/2022 was filed on behalf of the IRP under Section 12A of the Code for withdrawal of the CIRP proceedings initiated against the Corporate Debtor. The IRP's counsel stated that the matter is settled between the parties, and the financial creditor wants to withdraw the petition IB/705/ND/2021. The CIRP costs have already been paid.

## Facts

Ugro Capital Limited filed an application against Samyak Metals Private Limited, initiating CIRP proceedings. The IRP filed an application (IA/4612/ND/2022) under Section 12A of the Code for withdrawal of the CIRP proceedings. The IRP's counsel stated that the matter was settled between the parties, and the financial creditor wanted to withdraw the petition (IB/705/ND/2021). The CIRP costs were already paid. The court then allowed the application and dismissed the CIRP proceedings.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP proceedings should be allowed based on the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP

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**Reasoning:** The court considered the statement of the IRP's counsel that the matter was settled

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

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**Application:** The court applied Section 12A by considering the settlement between the parties

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** UGRO Capital…
- **Respondents:** Samyak Metals…
- **Advocates:** Radhika…; Arjun Ma…; +2 more

## Timeline

- **N/A — Application for…**: Application IA/4612/ND/2022 filed by IRP under Section 12A for withdrawal of CIRP…
- **2022-09-27 — Order Del…**: Order delivered on 27.09.2022 allowing the application for withdrawal and dismissing the…

## 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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