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

> NCLT judgment dated 2020-02-14. Citation: TCN-2020-NCLT-01947. The document pertains to IA 1243/2020 filed by the Interim Resolution Professional (IRP)…

- **Court:** NCLT
- **Order date:** 14 Feb 2020
- **Citation:** TCN-2020-NCLT-01947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alisa-infratech-pvt-ltd-ib-1298nd2018-5ae28ea4

## Summary

### Background

The document pertains to IA 1243/2020 filed by the Interim Resolution Professional (IRP) invoking Section 12(A) and Regulation 30(A) of the Insolvency Resolution Process Regulation 2016. The claims of the four members of the Committee of Creditors (COC) have been settled. The resolution to terminate the resolution process was unanimously passed by the COC members in their meeting on February 12, 2020. The application for withdrawal of the Corporate Insolvency Resolution (CIR) process has been filed in Form FA. The IRP confirms that all dues have been settled.

## Facts

The Interim Resolution Professional (IRP) filed IA 1243/2020 to withdraw the Corporate Insolvency Resolution (CIR) process. This action was based on the settlement of claims of the four members of the Committee of Creditors (COC). A resolution to terminate the CIR process was unanimously passed by the COC members in a meeting held on February 12, 2020. The application for withdrawal was filed in Form FA. The IRP confirmed that all dues had been settled. The court considered these submissions and allowed the application, terminating the CIR process and releasing the Corporate Debtor from the moratorium.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution (CIR) process should …

**Ratio:** Section 12(A) of the Insolvency and Bankruptcy Code (IBC) and Regulation 30(A) of the

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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) and Regulation 30(A) are interpreted to provide a mechanism for

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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…
- **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…

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