# In the matter of Adtech Signages India Pvt. Ltd. IB No. 18-JPR-2018

> NCLT judgment dated 2018-12-17. Citation: TCN-2018-NCLT-00068. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 17 Dec 2018
- **Citation:** TCN-2018-NCLT-00068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/adtech-signages-india-pvt-ltd-ib-no-18-jpr-2018-d09d1d1f

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The Financial Creditor, Reliance Commercial Finance Limited, filed the application for withdrawal, stating that the matter has been settled between the parties. The Insolvency Resolution Professional (IRP) had already been appointed and filed a report detailing the sequence of events after the admission of the petition. The first meeting of the Committee of Creditors (CoC) was held on 08.01.2019, where the application for withdrawal was moved.

## Facts

Reliance Commercial Finance Ltd. initiated CIRP against Adtech Signages India Pvt. Ltd. An IRP was appointed and filed a report. The first CoC meeting was held on 08.01.2019. Reliance Commercial Finance Ltd., being the sole member of the CoC, moved an application to withdraw the CIRP, stating that the matter had been settled with Adtech Signages India Pvt. Ltd. Reliance Commercial Finance Ltd. also undertook to pay the IRP fees and bear the expenditure. The application for withdrawal was filed in Form FA. The order of admission was made by the Tribunal subsequently on 30.11.2018. The application seeking withdrawal of CIRP has been filed by the Financial Creditor namely Reliance Commercial Finance Limited represented by its Authorized Signatory and a power of attorney

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the settlement …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The Tribunal reasoned that the Financial Creditor, being the sole member of the CoC, had

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when a settlement is

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**Application:** In this case, the Financial Creditor, as the sole member of the CoC, applied

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** Reliance Commercia…
- **Respondents:** Adtech Signages…

## Timeline

- **2018-11-30 — Tribunal…**: Tribunal passed an order for admission of the petition initiating CIRP against the…
- **2019-01-08 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, where an application was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 17(1) — Management of affairs of corporate debtor by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-17)

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