# In the matter of Aeromech Technologies Private Limited C.P. (IB) No. 146-BB-2017

> NCLT judgment dated 2018-10-09. Citation: TCN-2018-NCLT-00630. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Aeromech…

- **Court:** NCLT
- **Order date:** 9 Oct 2018
- **Citation:** TCN-2018-NCLT-00630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aeromech-technologies-private-limited-cp-ib-no-146-bb-2017-7a2bbfce

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Aeromech Technologies Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the case on March 2, 2018, appointing an Interim Resolution Professional (IRP) and imposing a moratorium. Subsequently, an application (I.A No. 300/2018) was filed by the Resolution Professional (RP) under Section 12A of the IBC, seeking withdrawal of the initial petition. The Financial Creditor, Indian Overseas Bank, decided to appoint Shri BaladyShekar Shetty as the Resolution Professional. The Committee of Creditors (CoC), with Indian Overseas Bank as the sole member holding 100% voting share, approved the withdrawal of the main company petition.

## Facts

Aeromech Technologies Private Limited faced a CIRP initiated under Section 10 of the IBC. The Tribunal admitted the case on March 2, 2018. Indian Overseas Bank, the sole financial creditor, held 100% of the voting share in the Committee of Creditors (CoC). The CoC approved the withdrawal of the CIRP application. Shri BaladyShekar Shetty was appointed as the Resolution Professional. An application for withdrawal was filed under Section 12A of the IBC, supported by the CoC's approval. The last meeting of the Committee of Creditors was held on 2018-09-24, wherein it was accorded approval to withdraw the main Company Petition and authorized R.P to file necessary application on behalf of the Financial Creditor -Viz., Indian Overseas Bank being the sole Financial Creditor

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC should be allowed, …

**Ratio:** Section 12A of the IBC allows the Adjudicating Authority to permit the withdrawal of an

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**Reasoning:** The Tribunal considered the provisions of Section 12A of the IBC and noted that the CoC,

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application if the

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**Application:** In this case, the sole financial creditor, Indian Overseas Bank, constituted

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** BaladyShekar…
- **Respondents:** Aeromech Technolog…

## Timeline

- **2017-01-01 — C.P (IB) No.146/BB/2017…**: C.P (IB) No.146/BB/2017 is filed by Aeromech Technologies Private Limited U/s 10 of IBC,…
- **2018-03-02 — Admission o…**: The Tribunal admitted the case and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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