# In the matter of Akurth Chemicals (OPC) Pvt. Ltd. IA No.171/2021 in CP No.(IB)131-ALD-2020

> NCLT judgment dated 2021-07-01. Citation: TCN-2021-NCLT-01880. The application (IA No.171/2021) was filed under Section 12A of the IBC, seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLT-01880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akurth-chemicals-opc-pvt-ltd-ia-no1712021-in-cp-noib131-ald-2020-74544f59

## Summary

### Background

The application (IA No.171/2021) was filed under Section 12A of the IBC, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Akurth Chemicals (OPC) Pvt. Ltd. The CIRP was initiated based on an application filed by Gandhar Oil Refinery (India) Ltd. The IRP informed the CoC that no financial statements or balance sheets of the Corporate Debtor were available, and the company's registered office was non-existent. The RP's attempts to contact the erstwhile Director, Sanjay Kumar Ojha, were unsuccessful.

## Facts

Gandhar Oil Refinery (India) Ltd. initiated CIRP against Akurth Chemicals (OPC) Pvt. Ltd. via CP (IB) No.131/ALD/2020. The IRP reported the unavailability of financial statements and the non-existence of the registered office of Akurth Chemicals. The RP's attempts to contact the director, Sanjay Kumar Ojha, failed. The CoC decided to file a criminal complaint against Sanjay Kumar Ojha and Mukesh Kumar. The CIRP was to lapse on 01.06.2021. Gandhar Oil Refinery, the original applicant and sole member of the CoC, decided to forgo its claim and withdraw the application under Section 9 of IBC. The CoC passed a resolution on 15.06.2021 with 100% voting shares to file an application for withdrawal under Section 12A of the IBC. The relevance of these facts lies in

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

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

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**Reasoning:** The court considered the submissions made by the Ld. Counsel for the Applicant/RP and

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

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**Application:** In this case, the CoC, being the sole member, resolved to withdraw the

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Gandhar Oil…
- **Respondents:** Akurth Chemicals…
- **Advocates:** Archi Ag…

## Timeline

- **2020-12-03 — Order Da…**: Order was issued on 03.12.2020 to discharge the Applicant as RP namely Mr. Bhaskar Gopal…
- **2021-01-16 — First CoC M…**: The IRP informed the sole member of the CoC that neither any financial statements nor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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