# In the  matter of Lokmangal Agro Industries Limited

> NCLT judgment dated 2023-06-13. Citation: TCN-2023-NCLT-05455. The case involves a Company Petition No. 747/IB/MB/2021 filed under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 13 Jun 2023
- **Citation:** TCN-2023-NCLT-05455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/lokmangal-agro-industries-limited-b5e611fe

## Summary

### Background

The case involves a Company Petition No. 747/IB/MB/2021 filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant/IRP filed IA No. 340/2023 seeking withdrawal of the main Company Petition in view of a settlement between the Financial Creditor and the Corporate Debtor.

## Facts

IA No. 340/2023 was filed by the IRP seeking withdrawal of Company Petition No. 747/IB/MB/2021.

The application for withdrawal was based on a settlement between the Financial Creditor and the Corporate Debtor.

The Financial Creditor submitted Form-FA dated 28.11.2022 for withdrawal of the CIRP process.

The bench allowed the application and disposed of the main Company Petition as withdrawn.

The CIRP order dated 15.11.2022 was recalled, and the Corporate Debtor was released from the moratorium.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP process should be allowed based on the …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT

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**Reasoning:** The bench considered the settlement between the Financial Creditor and the Corporate

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**Interpretation:** The provisions of Section 12A and related regulations are interpreted to allow

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**Application:** The bench applied these provisions to the facts of the case, allowing the

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## Parties

- **Judges:** ANURADHA SANJAY…; Kuldip Kumar…
- **Appellants:** NETAFIM AGRICULTUR…; IRP…
- **Respondents:** Lokmangal Agro…
- **Other parties:** Ajay Ma…
- **Advocates:** Nitesh…; Sameer Wa…

## Timeline

- **2022-11-15 — CIRP Ord…**: CIRP order passed by…
- **2022-11-28 — Form-FA Sub…**: Financial creditor submitted Form-FA…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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