# In the matter of Alisa Infratech Pvt. Ltd. (IB)-1298(ND)2018

> NCLT judgment dated 2020-02-14. Citation: TCN-2020-NCLT-01955. The document pertains to IA 1243/2020 filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 14 Feb 2020
- **Citation:** TCN-2020-NCLT-01955
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alisa-infratech-pvt-ltd-ib-1298nd2018-0e65a74b

## Summary

### Background

The document pertains to IA 1243/2020 filed by the Interim Resolution Professional (IRP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30(A) of the Insolvency Resolution Process Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution (CIR) process. The claims of the four members of the Committee of Creditors (COC) have been settled. The resolution to terminate the CIR process was unanimously passed by the COC members in their meeting held on February 12, 2020.

## Facts

The case involves M/s. Gulshan Sethi V/s. M/s. Alisa Infratech Pvt. Ltd. An application (IA 1243/2020) was filed by the IRP seeking withdrawal of the CIR process under Section 12(A) of the IBC. The claims of the four COC members were settled. The COC unanimously passed a resolution to terminate the CIR process on February 12, 2020. The application for withdrawal was filed in Form FA. The IRP confirmed that all dues had been settled. The key fact is the settlement of dues to the COC members and their subsequent unanimous decision to terminate the CIR process, leading to the IRP's application for withdrawal.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the claims of the four members of the COC had been settled, and

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**Interpretation:** Section 12(A) is interpreted to allow for the withdrawal of CIRP when the COC,

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** Ina Mal…
- **Appellants:** M/s. Gulsha…
- **Respondents:** M/s. Alisa…

## Timeline

- **2020-02-12 — COC Meet…**: The members of the COC unanimously passed a resolution to terminate the resolution…
- **2020-02-14 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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