# In the matter of Big-Ben Developers Pvt. Ltd. IA No. 261-2021 in CP No.(IB) 61-ALD-2019

> NCLT judgment dated 2021-08-27. Citation: TCN-2021-NCLT-01266. The case involves IA No. 261/2021 in CP No. (IB) 61/ALD/2019 before the National Company Law…

- **Court:** NCLT
- **Order date:** 27 Aug 2021
- **Citation:** TCN-2021-NCLT-01266
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/big-ben-developers-pvt-ltd-ia-no-261-2021-in-cp-noib-61-ald-2019-e37b7036

## Summary

### Background

The case involves IA No. 261/2021 in CP No. (IB) 61/ALD/2019 before the National Company Law Tribunal, Allahabad Bench. The applicant sought to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor under Section 12A of the Insolvency and Bankruptcy Code (IBC). The CIRP was triggered by an order dated 28.07.2021.

## Facts

The Financial Creditor, Edelweiss Asset Reconstruction Company Ltd, initiated CIRP against the Corporate Debtor, Big Ben Developers Pvt Ltd. The CIRP was triggered by an order dated 28.07.2021. The Financial Creditor then filed IA No. 261/2021 seeking to withdraw the CIRP under Section 12A of the IBC before the constitution of the CoC. The application for withdrawal was based on reasons detailed in para no. 3 (iii, v, vi & vii). The Tribunal considered the submissions and allowed the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed …

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

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**Reasoning:** The Tribunal opined that the application deserved to be allowed based on the submissions

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP. The interpretation

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**Application:** The Tribunal applied its discretion to allow the withdrawal application,

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** BIG BEN DEVELOPERS…

## Timeline

- **2021-07-28 — CIRP Trig…**: Tribunal passed an order admitting…
- **2021-08-27 — Order Da…**: Tribunal allowed IA No. 261/2021,…

## 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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