# In the matter of Bewell Labs Pvt. Ltd. CA(IB)No.576-KB-2018 In CP (IB) No. 989-KB-2018

> NCLT judgment dated 2019-05-10. Citation: TCN-2019-NCLT-03328. The case involves CP(IB) No. 989/KB/2018 and CA(IB) No. 576/KB/2019 before the National Company…

- **Court:** NCLT
- **Order date:** 10 May 2019
- **Citation:** TCN-2019-NCLT-03328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bewell-labs-pvt-ltd-caibno576-kb-2018-in-cp-ib-no-989-kb-2018-f6f9192f

## Summary

### Background

The case involves CP(IB) No. 989/KB/2018 and CA(IB) No. 576/KB/2019 before the National Company Law Tribunal, Kolkata Bench. CA(IB) No. 576/KB/2019 was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the main petition. The Committee of Creditors (CoC) consented to the withdrawal with a 100% vote share in its meeting dated April 18, 2019.

## Facts

The corporate insolvency resolution process was initiated against Foil Forms -Vs- Bewell Labs Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed. The IRP filed an application (CA(IB) No. 576/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the main insolvency petition (CP(IB) No. 989/KB/2018). The Committee of Creditors (CoC) approved the withdrawal with a 100% vote share in a meeting held on April 18, 2019. The Operational Creditor did not object to the withdrawal. The relevance of these facts lies in demonstrating the procedural compliance with Section 12A of the IBC and the unanimous support for the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main insolvency petition under Section 12A of the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal with a 100% vote share,

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**Interpretation:** Section 12A is interpreted to provide a mechanism for parties to resolve

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**Application:** In this case, the CoC's 100% approval and the Operational Creditor's lack of

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Respondents:** Foil Forms -Vs-…

## Timeline

- **2019-04-18 — CoC Meet…**: Committee of Creditors (CoC) consented to the withdrawal of the main petition with 100%…
- **2019-05-10 — Hearing…**: Hearing on the application for…

## 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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