# In the matter of Ashish Ispat Pvt. Ltd. & Ors. vs. Primuss Pipes & Tubes Ltd. Comp. App. (AT) (Ins.) No. 892 & 893 of 2021

> NCLAT judgment dated 7 Jan 2022. Citation: TCN-2022-NCLAT-00674. This case involves two appeals, Company Appeal (AT) (Insolvency) No. 892 of 2021 and Company…

- **Court:** NCLAT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLAT-00674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashish-ispat-pvt-ltd-ors-vs-primuss-pipes-tubes-ltd-comp-app-a7cf1870

## Summary

### Background

This case involves two appeals, Company Appeal (AT) (Insolvency) No. 892 of 2021 and Company Appeal (AT) (Insolvency) No. 893 of 2021, filed against a common order dated September 29, 2021, passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench. The initial application for Corporate Insolvency Resolution Process (CIRP) against Primuss Pipes & Tubes Ltd. (Corporate Debtor) was filed by M/s. Ashish Ispat Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application and initiated CIRP on August 4, 2021. Subsequently, on August 25, 2021, the operational creditor (M/s. Ashish Ispat Pvt. Ltd.) and the suspended director of the corporate debtor reached an amicable settlement and

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## Facts

An application under Section 9 of the Insolvency and Bankruptcy Code, 2016, was filed by M/s. Ashish Ispat Pvt. Ltd. (Appellant) to initiate the Corporate Insolvency Resolution Process (CIRP) against Primuss Pipes & Tubes Ltd. (Corporate Debtor). The Adjudicating Authority admitted this application on August 4, 2021, thereby initiating the CIRP against the Respondent Company. This marked the formal commencement of insolvency proceedings.

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## Issues and analysis

### Issue 1: Whether the approval of the Committee of Creditors is required for the withdrawal of a Corporate…

**Ratio:** The approval of ninety percent voting share of the Committee of Creditors is not required…

**Reasoning:** The court reasoned that Section 12A of the IBC and Regulation 30A of the CIRP Regulations…

**Interpretation:** The court interpreted Section 12A of the IBC and Regulation 30A of the CIRP…

**Application:** In the present case, the application for withdrawal (IA No. 267/2021) was filed…

## Parties

- **Judges:** Ashok Bh…
- **Advocates:** For the Appellant…; For the Appellant…; +10 more

## Timeline

- **August 4, 2021 — CIRP Init…**: Adjudicating Authority admitted the Section 9 application and initiated Corporate…
- **August 6, 2021 — Public Annou…**: Interim Resolution Professional (IRP)…

## 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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