# In the matter of Alpha and Omega Diagnostic Ltd. IA 1403-2019 In CP 1117\-2017

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01570. The case involves an application (IA-1403/2019) filed under Section 12(A) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpha-and-omega-diagnostic-ltd-ia-1403-2019-in-cp-1117-2017-5c5db30f

## Summary

### Background

The case involves an application (IA-1403/2019) filed under Section 12(A) of the Insolvency and Bankruptcy Code, 2016, seeking the Court's permission to terminate the Corporate Insolvency Resolution Process (CIRP). Public advertisement was made on 05.08.2017. No claims were received from creditors in response to the public advertisement. The claims of Asset Reconstruction India Limited (ARCIL) have been settled, as ARCIL had taken recourse to SARFESI proceedings to enforce its claim against the Corporate Applicant. ARCIL also issued a 'No Dues Certificate' dated 16.07.2019 to the Corporate Applicant. The CIRP was initiated against the Corporate Applicant vide order dated 10.07.2017.

## Facts

Alpha & Omega Diagnostic Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). An application (IA-1403/2019) was filed under Section 12(A) of the Insolvency and Bankruptcy Code, 2016, seeking to terminate the CIRP. Public advertisement regarding the CIRP was made on 05.08.2017. No claims were received from any creditors in response to the public advertisement. Asset Reconstruction India Limited (ARCIL) had its claims settled through SARFESI proceedings and issued a 'No Dues Certificate' dated 16.07.2019 to the Corporate Applicant. The CIRP was initiated against the Corporate Applicant vide order dated 10.07.2017. The Interim Resolution Professional (IRP) was present. No Committee of Creditors could be formed due to the absence of claims.

## Issues and analysis

### Issue 1: Whether the Court should permit the withdrawal of the CIRP under Section 12(A) of the Insolvency …

**Ratio:** The court has the power to permit the withdrawal of CIRP under Section 12(A) of the

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**Reasoning:** The court reasoned that since no claims were received from any quarter, the IRP could not

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**Interpretation:** Section 12(A) of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Application:** The court applied the ratio by considering the specific facts of the case,

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Respondents:** Alpha & Omega…; Asset Reconstructi…

## Timeline

- **2017-07-10 — CIRP Init…**: CIRP initiated against…
- **2017-08-05 — Public Advert…**: Public Advertisement was made in…

## 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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