# 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-01568. 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-01568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpha-and-omega-diagnostic-ltd-ia-1403-2019-in-cp-1117-2017-b806d939

## 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 advertisement. The claims of Asset Reconstruction India Limited (ARCIL) were settled through SARFESI proceedings, and ARCIL issued a 'No Dues Certificate' dated 16.07.2019 to the Corporate Applicant. The IRP could not constitute the Committee of Creditors due to the absence of claims.

## Facts

Alpha & Omega Diagnostic Ltd. was undergoing a 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. A public advertisement was issued on 05.08.2017 as part of the CIRP. No claims were received from 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. Due to the lack of claims, the Interim Resolution Professional (IRP) was unable to form a Committee of Creditors. The court considered these facts, along with the absence of opposition to the application, before deciding

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## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** The court can exercise its powers under rule 11 of the NCLT rules to permit the

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**Reasoning:** The court reasoned that since no claims were received from any quarter and the primary

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

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**Application:** In this case, although the standard threshold of 90% approval from the

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **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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