# in the matter of Valtrom Technologies Pvt. Ltd.

> NCLT judgment dated 2023-07-24. Citation: TCN-2023-NCLT-05263. An application was filed by the IRP under Section 12A of the IBC, 2016 seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 24 Jul 2023
- **Citation:** TCN-2023-NCLT-05263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/valtrom-technologies-pvt-ltd-94b7a252

## Summary

### Background

An application was filed by the IRP under Section 12A of the IBC, 2016 seeking withdrawal of the IB-334/ND/2020 on the ground that both the parties (Operational Creditor and Corporate Debtor) have settled the matter.

## Facts

An application was filed by the IRP under Section 12A of the IBC, 2016, seeking withdrawal of the IB-334/ND/2020.

The application for withdrawal was based on the ground that both the Operational Creditor and Corporate Debtor had settled the matter.

The Adjudicating Authority issued notice to the Financial Creditor, Union Bank of India, to file their reply.

The CoC was constituted, and Union Bank of India was the only member of the CoC.

The CoC resolved by 100% voting to allow the filing of the Section 12A application.

The matter has been settled with the Corporate Debtor in respect of the claim of the Financial Creditor.

The Adjudicating Authority granted liberty for withdrawal of IB-334/ND/2020 in terms of Section 12A of the IBC, 2016.

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IB-334/ND/2020 under Section 12A of the IBC, 2016, should …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of an application admitted under

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**Reasoning:** The parties (Operational Creditor and Corporate Debtor) have settled the matter, and the

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**Interpretation:** The settlement between the parties and the consent of the CoC satisfy the

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**Application:** The Adjudicating Authority allowed the withdrawal of IB-334/ND/2020,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Supernova Tech…
- **Respondents:** Valtrom Technologi…
- **Other parties:** Union Bank of…
- **Advocates:** Vinod Cha…; Sati…

## Timeline

- **2023-05-22 — Order Da…**: Adjudicating Authority issued notice to the Financial Creditor i.e Union Bank of India…
- **2023-06-07 — CoC Meet…**: CoC resolved by 100% voting, for giving permission to allowing filing of Section 12A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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