# In the matter of Adjoin Dreamprojects & Agro Pvt. Ltd. IA-2852-2022 in (IB)-557(ND)2020

> NCLT judgment dated 2022-07-06. Citation: TCN-2022-NCLT-04610. An application (IA-2852/2022) was filed under Section 12A of the IBC.

- **Court:** NCLT
- **Order date:** 6 Jul 2022
- **Citation:** TCN-2022-NCLT-04610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/adjoin-dreamprojects-agro-pvt-ltd-ia-2852-2022-in-ib-557nd2020-99f6929e

## Summary

### Background

An application (IA-2852/2022) was filed under Section 12A of the IBC.

## Facts

IA-2852/2022 was moved under Section 12A of IBC.

Counsel for the Applicant stated that the matter has been settled between the parties.

Form-FA is placed on record at page No. 35 of the Application.

All dues of the IRP have been paid.

Withdrawal of IB-557/ND/2020 is allowed.

The Respondent/CD is released from the rigors of the CIRP proceedings.

The IRP stands discharged.

## Issues and analysis

### Issue 1: Whether the withdrawal of IB-557/ND/2020 should be allowed given the settlement between the parties …

**Ratio:** Section 12A of IBC allows for withdrawal

…

**Reasoning:** The counsel for the applicant submitted that the matter has been settled between the

…

**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP application upon

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**Application:** Since the matter is settled and IRP dues

…

## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** Bright Cove…
- **Respondents:** Adjoin Dream…
- **Other parties:** Jaswant…
- **Advocates:** Arpita M…; Rohit Y…; +1 more

## Timeline

- **2022-07-06 — Order Del…**: Order delivered on 06.07.2022 regarding the withdrawal of IB-557/ND/2020 and release of…

## 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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