# In the matter of Anushka Moulds & Dies Pvt. Ltd. MA 25-2019 in CP(IB)-1422(MB)-2017

> NCLT judgment dated 2019-02-05. Citation: TCN-2019-NCLT-05013. The case involves a Miscellaneous Application (MA 025/2019 in CP-1422/2017) filed under Section…

- **Court:** NCLT
- **Order date:** 5 Feb 2019
- **Citation:** TCN-2019-NCLT-05013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anushka-moulds-dies-pvt-ltd-ma-25-2019-in-cpib-1422mb-2017-63f5bb8d

## Summary

### Background

The case involves a Miscellaneous Application (MA 025/2019 in CP-1422/2017) filed under Section 12A, submitted on January 1, 2019. The Resolution Professional (RP) stated that the Committee of Creditors (CoC) approved the withdrawal of the petition with a 90% vote share. Form-FA for withdrawal was also placed on record.

## Facts

A Miscellaneous Application (MA 025/2019 in CP-1422/2017) under Section 12A was submitted on January 1, 2019. The Resolution Professional (RP) stated that the Committee of Creditors (CoC) approved the withdrawal of the Petition by a 90% vote share. Form-FA for withdrawal was placed on record. The RP also stated that Regulation 30A(5) of CIRP Regulations had been completed. The key fact is the CoC's approval for withdrawal, indicating a potential settlement or resolution outside the formal insolvency process. The completion of regulatory requirements for withdrawal is also a relevant fact.

## Issues and analysis

### Issue 1: Whether the Miscellaneous Application u/s 12A should be allowed based on the CoC's approval for …

**Ratio:** The legal principle is that a petition can be withdrawn if the Committee of Creditors

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**Reasoning:** The court reasoned that since the RP stated the CoC approved the withdrawal of the

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**Interpretation:** Section 12A allows for the withdrawal of an application admitted under Section

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**Application:** In this case, the CoC's approval with a 90% vote share, as stated by the RP,

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Sphere…
- **Respondents:** Anushka Moulds &…

## Timeline

- **2019-01-01 — Application Su…**: Miscellaneous…
- **2019-02-05 — Order Da…**: Order issued disposing of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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