# In the matter of Unilec Engineers Ltd. IA-2710-2022 in IB-690 (ND)-2019

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02330. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unilec-engineers-ltd-ia-2710-2022-in-ib-690-nd-2019-a4de21ea

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, seeking withdrawal of an application filed under Section 9 of the IBC, 2016. The parties have amicably resolved the dispute and executed a Settlement Agreement dated 01.6.2022.

## Facts

The Operational Creditor filed an application under Section 9 of the IBC, 2016. Subsequently, the parties amicably resolved their dispute and executed a Settlement Agreement dated 01.06.2022. The Operational Creditor then filed an application under Section 12A of the IBC, seeking withdrawal of the initial application. The Operational Creditor also prayed for liberty to revive the said application in the event of default by the Corporate Debtor in making payment of the settled amount. The application was moved by the Operational Creditor seeking withdrawal of the Application bearing No.CP-IB-690/ND/2019 filed by the Operational Creditor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 9 application should be allowed under Section …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

…

**Reasoning:** The court considered the settlement agreement between the parties, indicating an amicable

…

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

…

**Application:** The court applied Section 12A to the facts of the case, considering the

…

## Parties

- **Judges:** Narendra Kumar…; P.S.N. P…
- **Appellants:** Shara Meta…
- **Respondents:** Unilee Engineers…

## Timeline

- **2022-01-01 — Application under…**: Application under Section 12A of the I&B Code, 2016 seeking withdrawal of the Application…
- **2022-06-01 — Settlement Ag…**: Parties executed a Settlement…

## 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)

---

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/unilec-engineers-ltd-ia-2710-2022-in-ib-690-nd-2019-a4de21ea