# In the matter of Bio Ethanol Agro Industries Ltd.

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04544. The case involves an application filed by the Applicant/Interim Resolution Professional (IRP)…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bio-ethanol-agro-industries-ltd-03297240

## Summary

### Background

The case involves an application filed by the Applicant/Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Bio Ethanol Agro Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was admitted by the Tribunal on 26.11.2021.

## Facts

Mr. Srinivas Gudla Rao, the Interim Resolution Professional (IRP) of M/s. Bio Ethanol Agro Industries Limited, filed an application (I.A No.136/2021) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the company. The Corporate Insolvency Resolution Process (CIRP) had been admitted by the Tribunal on 26.11.2021. The IRP stated that complete fees were received and Form FA was filed. The application was filed before the constitution of the committee. The Tribunal allowed the withdrawal application and dismissed the Corporate Insolvency Resolution Process (CIRP).

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) is …

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

…

**Reasoning:** The court reasoned that the IRP had complied with the requirements for withdrawal under

…

**Interpretation:** Section 12A and Regulation 30-A are interpreted to allow for the withdrawal of

…

**Application:** In this case, the IRP had complied with the requirements for withdrawal under

…

## Parties

- **Judges:** TELAPROLU…
- **Respondents:** M/s. BIO ETHANOL…
- **Advocates:** Ms.Mano R…; Mr.M.Ram…

## Timeline

- **2021-11-26 — Admission of CP(IB) No.…**: The Tribunal admitted the Corporate Insolvency Resolution Process (CIRP) against M/s. Bio…
- **2022-01-04 — Order on I.A No…**: The Tribunal allowed the I.A No.136/2021, granting permission to withdraw the petition…

## 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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