# In the matter of Vatsin Infrastructure Limited

> NCLT judgment dated 2024-10-22. Citation: TCN-2024-NCLT-00376. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 22 Oct 2024
- **Citation:** TCN-2024-NCLT-00376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vatsin-infrastructure-limited-1f63c635

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency & Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the agenda for withdrawal in its 7th meeting held on 2024-07-27 with 100% voting rights. A settlement deed along with Form FA was placed on record. The matter has been mutually settled between the parties with an amount of Rs. 1.45 crore.

## Facts

Jatinder Verma & others, the Petitioners/Operational Creditors, initiated a Corporate Insolvency Resolution Process (CIRP) against Vatsin Infrastructure Limited, the Respondent/Corporate Debtor. The CIRP was initiated under Section 9 of the IBC, 2016, read with Sec 33(1) (b) (i) to (iii) r/w Sec 33(3),12(A). The Committee of Creditors (CoC) approved the agenda for withdrawal of the CIRP process in its 7th meeting held on 2024-07-27 with 100% voting rights. A settlement deed along with Form FA was placed on record. The matter has been mutually settled between the parties with an amount of Rs. 1.45 crore. An application was also filed under Section 33(1) of the Insolvency & Bankruptcy Code, 2016 for Liquidation of Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency & …

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

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**Reasoning:** The court considered the fact that the CoC had approved the agenda for withdrawal of the

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

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**Application:** In this case, the CoC's approval with 100% voting rights and the mutual

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## Parties

- **Judges:** SHRI. UMESH KUMAR…; SHRI. HARNAM…
- **Appellants:** Jatinder…
- **Respondents:** Vatsin Infrastruct…

## Timeline

- **2024-07-27 — CoC Meet…**: The Committee of Creditors (CoC) approved the agenda for withdrawal of the CIRP process…
- **2024-10-22 — Order Del…**: The court delivered the order…

## 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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