# In the matter of Sikkim Hydro Power Ventures Ltd. IA-1584-ND-2022 in IB-1635-ND-2018

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02438. The case pertains to an application under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02438
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sikkim-hydro-power-ventures-ltd-ia-1584-nd-2022-in-ib-1635-nd-2018-3d0307d9

## Summary

### Background

The case pertains to an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) moved the application stating that the matter has been settled between the parties. The counsel for AF Consult India Pvt. Ltd. endorsed the settlement. The Committee of Creditors (CoC) approved the settlement with 98.54% votes, leading to a request for withdrawal of the petition.

## Facts

AF Consult India Pvt Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Sikkim Hydro Power Ventures Ltd under Section 9 of the IBC, 2016. During the CIRP, a settlement was reached between AF Consult India Pvt Ltd and Sikkim Hydro Power Ventures Ltd. The Resolution Professional (RP) filed an application under Section 12A of the IBC to withdraw the CIRP based on this settlement. The Committee of Creditors (CoC) approved the settlement with 98.54% of the votes. The RP confirmed that all dues and fees had been cleared. The application IA/1584/ND/2022 was filed in the context of IB/1635/ND/2018.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC for withdrawal of the CIRP should be allowed …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application if the

…

**Reasoning:** The court reasoned that the settlement between the parties, coupled with the CoC's

…

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

…

**Application:** In this case, the settlement between AF Consult India Pvt Ltd and Sikkim Hydro

…

## Parties

- **Judges:** DHARMINDER…; RAHUL BHA…
- **Appellants:** AF Consult India…
- **Respondents:** Sikkim Hydro…

## Timeline

- **2016-01-01 — Order under Section 9…**: Order passed under Section 9 of the…
- **2022-06-03 — Order Del…**: Final order delivered by the NCLT allowing…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sikkim-hydro-power-ventures-ltd-ia-1584-nd-2022-in-ib-1635-nd-2018-3d0307d9