# 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-02431. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02431
- **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-2018-96e3162d

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, filed on behalf of the Resolution Professional (RP) stating that the matter has been settled between the parties. The application is related to the Corporate Insolvency Resolution Process (CIRP) initiated against Sikkim Hydro Power Ventures Ltd. The CoC has approved the settlement with 98.54% votes.

## 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, seeking withdrawal of the CIRP based on the 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 paid. The court considered these facts and the endorsement of the settlement by the Counsel for AF Consult India Pvt. Ltd.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of a

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**Reasoning:** The court reasoned that the Resolution Professional (RP) had filed the application under

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**Interpretation:** Section 12A is interpreted to allow for the withdrawal of CIRP proceedings when

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**Application:** In this case, the court applied the ratio of Section 12A to the facts

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## 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)

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