Authority: Supreme Court of India
Order Date: 18 September 2026
Case Overview
- Parties: Appellant Aayush Prashant Agarwal vs Respondent Uma Exports Limited (and another respondent).
- The dispute arose from the appellant’s objection to the refusal to withdraw an application filed by the respondent, the operational creditor, under the Insolvency and Bankruptcy Code (IBC).
- Corporate Insolvency Resolution Process (CIRP) was initiated on 23 July 2026; a settlement agreement was executed on 6 August 2026.
- Section 12A (as amended by the Amendment Act, 2026) mandates a 90% approval from the Committee of Creditors for withdrawal; the respondent claimed the matter was settled and sought withdrawal.
- The Resolution Professional had already filed an application before the NCLT to withdraw the application filed under Section 9.
- The appellant was aggrieved by the CIRP costs while the withdrawal application remained pending.
Final Outcome
- The Supreme Court ordered the NCLT to take on board the withdrawal application within the next week and to dispose of it expeditiously.
- The Resolution Professional was directed not to raise any further charges from the date of the order.
- The appeal (Civil Appeal No.12125/2026) was disposed of, and any pending applications were ordered to stand disposed of.
Topics: Insolvency, Court Order