# In the matter of Aarvanass Infrastructure Pvt. Ltd. (IB)-441(ND)-2017

> NCLT judgment dated 2018-11-27. Citation: TCN-2018-NCLT-00287. An application was filed by the Resolution Professional (RP) under Section 12(A) of the…

- **Court:** NCLT
- **Order date:** 27 Nov 2018
- **Citation:** TCN-2018-NCLT-00287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aarvanass-infrastructure-pvt-ltd-ib-441nd-2017-54dc962d

## Summary

### Background

An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30(A) of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016. The Operational Creditor, being the sole member of the Committee of Creditors (COC), sought to terminate the Corporate Insolvency Resolution Process (CIRP). The decision to terminate the CIRP was influenced by the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Aarvanss Infrastructure Pvt. Ltd. An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), read with Regulation 30(A) of the IBBI (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016, seeking to terminate the CIRP. The Operational Creditor, who was the sole member of the Committee of Creditors (COC), wished to terminate the CIRP. The decision was based on the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available. The NCLT considered the application and allowed the termination of the CIRP.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional (RP) under Section 12(A) of the IBC …

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

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**Reasoning:** The Operational Creditor, being the sole member of the COC, wished to terminate the CIRP.

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**Interpretation:** Section 12(A) provides a mechanism for withdrawing CIRP applications under

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**Application:** The RP's application under Section 12(A) is maintainable as the sole member of

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## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Respondents:** M/s. Aarvanss…; M/s. Daimler…

## Timeline

- **2018-11-27 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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