# In the matter of AXIS NIRMAN AND INDUSTRIES LIMITED

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04561. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04561
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/axis-nirman-and-industries-limited-0dc1c809

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A(1)(b) of the Corporate Insolvency Resolution Process (CIRP) Regulations, seeking the closure of the CIRP initiated against the Corporate Debtor, M/S KALEDONIA JUTE AND FIBRES PVT LTD. The CIRP was initiated vide order dated August 27, 2021.

## Facts

The CIRP was initiated against M/S KALEDONIA JUTE AND FIBRES PVT LTD on August 27, 2021. Subsequently, the suspended management of the Corporate Debtor and the Financial Creditor reached a settlement, culminating in the submission of Form FA on October 1, 2021. The CoC approved the proposal for withdrawal of the CIRP with 100% voting share. The IRP submitted that no other claimants had filed claims against the Corporate Debtor. This submission was crucial for the court's decision to allow the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP under Section 12A of the IBC read with Regulation …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% voting

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**Reasoning:** The court considered the IRP's application under Section 12A and Regulation 30A(1)(b).

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**Interpretation:** Section 12A and Regulation 30A(1)(b) are interpreted to allow for the

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**Application:** Since the CoC approved the withdrawal with 100% voting share, the application

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** M/S KALEDONIA…; M/S AXIS NIRMAN…

## Timeline

- **2021-08-27 — CIRP Init…**: CIRP initiated against the Corporate…
- **2021-10-01 — Form FA Sub…**: Suspended management and Financial Creditor…

## 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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