# In the matter of Vyshaka Solar Energy Systems Pvt. Ltd.

> NCLT judgment dated 2023-04-25. Citation: TCN-2023-NCLT-03642. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 25 Apr 2023
- **Citation:** TCN-2023-NCLT-03642
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vyshaka-solar-energy-systems-pvt-ltd-94c38009

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Vyshaka Solar Energy Systems Pvt Ltd. The CIRP was admitted by the Tribunal on 2022-10-17. The applicant sought withdrawal before the constitution of the committee, through the Interim Resolution Professional.

## Facts

Godrej & Boyce Manufacturing Company Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Vyshaka Solar Energy Systems Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted by the NCLT Amaravati Bench. Subsequently, an application (I.A (IBC)/158/2023) was filed under Section 12A of the IBC, seeking to withdraw the CIRP based on a settlement between the parties. The application was filed before the constitution of the committee of creditors. The Interim Resolution Professional (IRP), Mr. Srinivas Gudla Rao, confirmed that complete fees had been received and Form-FA had been filed. The Tribunal considered the settlement and the IRP's confirmation before allowing the withdrawal.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the

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**Reasoning:** The court reasoned that since there was a settlement between the parties and the IRP had

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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 court applied Section 12A and Regulation 30-A to the specific

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Godrej & Boyce…
- **Respondents:** Vyshaka Solar…

## Timeline

- **2022-10-17 — CIRP Admi…**: Tribunal admitted the Corporate Insolvency Resolution Process (CIRP) against Vyshaka…
- **2023-04-25 — Order Da…**: The NCLT Amaravati Bench allowed the withdrawal of the CIRP application (CP…

## 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)

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