# 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-01876. 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-01876
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akurth-chemicals-opc-pvt-ltd-ia-no1712021-in-cp-noib131-ald-2020-a655787b

## 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 could not be located. The RP attempted to contact the erstwhile Director, Sanjay Kumar Ojha, but was unsuccessful.

## Facts

A Corporate Insolvency Resolution Process (CIRP) was initiated against Akurth Chemicals (OPC) Pvt. Ltd. based on an application by Gandhar Oil Refinery (India) Ltd. The Resolution Professional (RP) found that the Corporate Debtor's financial statements and balance sheets were unavailable, and its registered office could not be located. The RP's attempts to contact the Corporate Debtor's former director, Sanjay Kumar Ojha, were unsuccessful. The CoC decided to file a criminal complaint against Sanjay Kumar Ojha. The CoC, in its 5th meeting, resolved to withdraw the CIRP application with 100% voting shares, as Gandhar Oil Refinery (India) Ltd. decided to forgo its claim. The applicant filed IA No.171/2021 under Section 12A of the IBC, seeking withdrawal of the CIRP.

## 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 submission made by the Ld. Counsel for the Applicant/RP and

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings if the CoC,

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**Application:** In this case, the CoC, with 100% voting share, resolved to withdraw the CIRP.

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## Parties

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

## Timeline

- **2020-12-03 — Order Da…**: Order passed to discharge the Applicant…
- **2021-01-16 — First Meeting…**: 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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