# Eduvanz Financing Private Limited vs. Abutani Mercantile Private Limited

> NCLT judgment dated 2026-09-21. Citation: TCN-2026-NCLT-01256. Eduvanz Financing Private Limited, as the applicant, filed IA(IBC)/196/GB/2026 under Section…

- **Court:** NCLT
- **Order date:** 21 Sept 2026
- **Citation:** TCN-2026-NCLT-01256
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-guwahati/abutani-mercantile-private-limited-iv99d

## Summary

### Background

Eduvanz Financing Private Limited, as the applicant, filed IA(IBC)/196/GB/2026 under Section 12A of the IBC, 2016, seeking withdrawal of the main company petition, CP(IB)/9/GB/2025, which had initiated Corporate Insolvency Resolution Process (CIRP) against Abutani Mercantile Private Limited under Section 7 of the IBC. The CIRP was admitted on 04.12.2025. The application for withdrawal was based on a settlement reached between the parties.

## Facts

An application, IA(IBC)/196/GB/2026, was filed under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016.

The application sought withdrawal of the main company petition, CP(IB)/9/GB/2025, which was filed under Section 7 of the IBC, 2016.

The main company petition, CP(IB)/9/GB/2025, led to the admission of CIRP against M/s. Abutani Mercantile Pvt. Ltd. on 04.12.2025.

The matter has been settled between the parties involved in the main company petition.

The proposal for withdrawal of the proceedings was approved by the Committee of Creditors with a 100% voting share in its fourth COC meeting held on 16.09.2026.

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## Issues and analysis

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

**Ratio:** An application for withdrawal of CIRP under Section 12A of the IBC, 2016, read with

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**Reasoning:** The NCLT considered the submissions that the matter was settled between the parties and

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**Interpretation:** Section 12A and Regulation 30A provide a statutory framework for the withdrawal

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**Application:** Given the settlement between parties and the unanimous approval by the CoC, the

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## Parties

- **Judges:** Rammurti Ku…; Yogendra Kumar…
- **Appellants:** Eduvanz Financing…
- **Respondents:** Abutani Mercantile…
- **Other parties:** Committee of…; Kamal Ag…
- **Advocates:** Karan B…

## Timeline

- **2025-12-04 — Admission o…**: Admission order for Corporate Insolvency Resolution Process (CIRP) initiated against M/s.…
- **2026-09-16 — CoC Approval for…**: The Committee of Creditors (CoC) held its fourth meeting and approved the proposal for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — Withdrawal of application admitted under section…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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