The tribunal permitted the withdrawal of an operational creditor application under Section 12A IBC, 2016 following a settlement agreement. Consequently, the main corporate insolvency resolution process was dismissed as withdrawn.
IA No.1340/2022 allowed; CPP (IB) No.182/Chd/Hry/2020 dismissed as withdrawn.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (through web-based video conferencing platform)
Item No. 7 IA No.1340/22
In
CP (IB) No. 182/Chd/Hry/2020 Under Section 9 & 12A IBC 2016
In the matter of:- Dextra India Pvt. Ltd. …Petitioners-Operational Creditors Vs. RCC Infraventures …Respondent-Corporate Debtor
Present through Video Conferencing:
Mr. Reshabh Bajaj, Advocate for the petitioners-operational creditor in IA No.1340 of 2022 Respondent has already been proceeded ex parte vide order dated 30.06.2022
IA No.1340/22
The present application has been filed under section 12-A of Code seeking permission for withdrawal of application filed by Operational Creditor against the Corporate Debtor through RP. It is stated by learned counsel for RP that the matter has been settled and the Settlement Agreement dated 03.10.2022 is attached (Annexure A3) with the present application and he wants to seek permission for withdrawal of this petition. So, keeping in view the facts and circumstances, IA No.1340/2022 is allowed and Agreement of Settlement is taken on record. Thus, IA No.1340/2022 is disposed of.
CP (IB) No. 182/Chd/Hry/2020
In view of Settlement Agreement dated 03.10.2022, the main CP(IB) No.182/Chd/Hry/2020 is dismissed as withdrawn.
SD/SD/(Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial) October 17, 2022 (DS)
2 issues framed by the court
Whether permission to withdraw the operational creditor application should be granted upon settlement.
Whether the main corporate insolvency resolution process should be dismissed as withdrawn in view of the settlement.
1 provisions across 1 enactments
Dextra India Pvt. Ltd.
RCC Infraventures
Subrata Kumar Dash
Harnam Singh Thakur
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
