# In the matter of Anupam Extraction Ltd. MA 3080/2019 in   CP (IB) 2781-(MB)-2018

> NCLT judgment dated 2019-11-04. Citation: TCN-2019-NCLT-00738. The case pertains to MA 3080/2019 in C.P.(IB)- 2781(MB)/2018. The applicant contends that an…

- **Court:** NCLT
- **Order date:** 4 Nov 2019
- **Citation:** TCN-2019-NCLT-00738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anupam-extraction-ltd-ma-30802019-in-cp-ib-2781-mb-2018-7d0df533

## Summary

### Background

The case pertains to MA 3080/2019 in C.P.(IB)- 2781(MB)/2018. The applicant contends that an admission order was passed on 16.7.2019, and the CoC was constituted on 30.7.2019, comprising four Financial Creditors and seven Operational Creditors. The applicant further claims that all Financial Creditors are related parties. The suspended Directors of the Corporate Debtor entered into a Settlement Agreement on 5.8.2019 with the Financial Creditor and the applicant/RP, leading to the handover of three Demand Drafts and one TDS challan pertaining to the TDS on interest to the financial creditor.

## Facts

The applicant in MA 3080/2019 states that an admission order was passed on 16.7.2019, and the CoC was formed on 30.7.2019, consisting of four Financial Creditors and seven Operational Creditors. The applicant alleges that all the Financial Creditors are related parties. The suspended Directors of the Corporate Debtor entered into a Settlement Agreement on 5.8.2019 with the Financial Creditor and the applicant/RP, resulting in the transfer of three Demand Drafts and one TDS challan related to interest payments to the financial creditor. In the first CoC meeting on 16.8.2019, a resolution was passed to withdraw the CIRP process. Subsequently, the Financial Creditor, as per Section 12 A of IBC, 2016, provided consent in Form FA for the CIRP withdrawal. The relevance of

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## Issues and analysis

### Issue 1: Whether the MA should be allowed, the RP discharged, and the CP dismissed given the CoC's …

**Ratio:** The legal principle applied is that the court can allow the withdrawal of the CIRP

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**Reasoning:** The court's reasoning is based on the fact that the CoC passed a resolution for

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**Interpretation:** The interpretation of Section 12 A of the IBC, 2016, is that it allows for the

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**Application:** In this specific case, the CoC's resolution and the Financial Creditor's

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## Parties

- **Judges:** Bhaskara Pantula…; RAJESH S…
- **Appellants:** A.K Corpo…
- **Respondents:** Anupam Extraction…

## Timeline

- **2019-07-16 — Admission Orde…**: An admission order was…
- **2019-07-30 — CoC Consti…**: The Committee of Creditors (CoC) was constituted with four Financial Creditors and seven…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/anupam-extraction-ltd-ma-30802019-in-cp-ib-2781-mb-2018-7d0df533