# In the matter of Wizaman Impex Private Limited

> NCLT judgment dated 2024-08-12. Citation: TCN-2024-NCLT-00835. The case involves an application filed by the Resolution Professional (RP) under Section 12A of…

- **Court:** NCLT
- **Order date:** 12 Aug 2024
- **Citation:** TCN-2024-NCLT-00835
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wizaman-impex-private-limited-928cf0a5

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw a Section 9 Company Petition (IB-841/ND/2020) due to a settlement between the parties. The Committee of Creditors (CoC) had previously approved the withdrawal in its 5th meeting.

## Facts

Kedrion Biopharma Inc. filed a Section 9 application under the IBC against Wizman Impex Pvt. Ltd. The Resolution Professional (RP) filed an application (IA3949/2024) under Section 12A of the IBC, seeking to withdraw the Section 9 petition (IB-841/ND/2020) due to a settlement. The Committee of Creditors (CoC) approved the withdrawal with 99% voting in its 5th meeting held on 2024-07-12. The Operational Creditor confirmed the settlement and payment of CIRP costs. The key fact is the settlement between the parties, leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 9 petition under Section 12A of the IBC …

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

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**Reasoning:** The court reasoned that the CoC had already approved the withdrawal with a 99% vote,

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**Interpretation:** Section 12A is interpreted to facilitate settlements between the parties,

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**Application:** In this case, the court applied Section 12A and Regulation 30A to the facts

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Kedrion Biopharma…
- **Respondents:** Wizman Impex Pvt.…

## Timeline

- **2024-07-12 — CoC Meet…**: The Committee of Creditors (CoC) held its 5th meeting and considered the proposal for…
- **2024-08-12 — Order Del…**: The court delivered an order allowing the withdrawal of the Section 9 petition…

## 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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